Crikey



Carbon tax: Gillard’s ‘Clean Energy Future’ at a glance

The government has announced its “Clean Energy Future” package to commence from July 1, 2012.

Price:

Pollution target:

Coverage:

Expected economic impact:

Household compensation:

Tax cuts:

Industry compensation:

Emissions intensive trade exposed industries

  1. 94.5% of free permits for industries with average baseline of a minimum 2,000t CO2-e/$m revenue or 6,000t CO2-e/$m value added
  2. 66% of free permits for industries with average baseline of a minimum 1,000t CO2-e/$m revenue or 3,000t CO2-e/$m value added
  3. 50% for LNG industry

Steel Transformation Plan: $300 million for “innovation” in steel manufacturing (in addition to EITE assistance plus an additional allocation of free permits)

Coal Sector Jobs Package: $1.26 billion over six years to assist with emissions from gassy mines

Clean Technology Program: $1.2 billion to support low-emissions manufacturing

Energy Security Fund: to pay for closure of up to 2000MW of highly-emissions intensive generation capacity by 2020, provide $5.5 billion in free permits and cash to the sector to 2016-17, establish an Energy Security Council

Clean Energy Finance Corporation: to invest $10 billion over five years from 2013-14 in renewables and low emissions technologies (not Carbon Capture and Storage), run by an independent board

Australian Renewable Energy Agency to oversee $3.2b in renewables funding, in addition to any dividends from Clean Energy Finance Corporation

Fiscal impact:

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Categories: Federal, Markets

One Response

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  1. Thanks Bernard.

    I wonder if a detailed, acceptable, reasonable alternative carbon reduction policy exists? Does the LNP have one?

    by GocomSys on Jul 11, 2011 at 1:08 pm

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