Antinuclear

Failure of Copenhagen – worst possible result for Australian business

The failure of Copenhagen to set global targets, let alone make them binding, was the worst possible result for Australian business,

Is that hot enough? Business Spectator Giles Parkinson 6 Jan 2010

Figures released by the Bureau of Meteorology have reminded us why it’s important to act on climate change. According to the bureau, the past decade was the hottest on record, with a rise of 0.4c over the 1960-1990 average.

The year 2009 was 0.9c above the average and the coming year promises to be even hotter, boosted by an El Niño effect. The effects are plain for all to see and go to explain why it is that Australian business has cause to fear that the Rudd government might just be tempted to follow the US and threaten business with regulation of carbon emissions.
The failure of Copenhagen to set global targets, let alone make them binding, was the worst possible result for Australian business, which is left desperately seeking some sort of policy predictability, if not certainty, after years of inaction.

The absence of a global agreement means that climate action will continue to be on a piecemeal approach, developed on a regional basis (be it within the EU or among certain US states) or an industry basis (green energy initiatives such as renewable energy targets and other incentives), but it will continue……………..
The ETS that is about to be resubmitted to parliament faces the same opposition as it did pre-Christmas and the problems surrounding the renewable energy target – which have brought the renewable energy industry to a halt – are yet to be resolved.

But as we discussed in December, Australia has another weapon in its arsenal.

A report released by the government just before Christmas highlights exactly what could be done. The first review of the country’s Environment Protection and Biodiversity Conservation Act in a decade, undertaken by Dr Allan Hawke, recommended the government introduce a ‘greenhouse trigger’ in the absence of an ETS. ………….

What’s left unstated is what the government would do if the ETS is not passed into law.

Dr Hawke has a suggestion: “In light of the current uncertainty about the CPRS, and the urgency in starting to tackle Australia’s carbon trajectory, the review recommends that the government implement an interim greenhouse trigger to be introduced as soon as possible by way of Regulation and to sunset upon commencement of the CPRS.

“A trigger threshold of at most 500,000 tonnes of carbon dioxide equivalent emissions is recommended on the basis of prior research and previous proposals, noting that previous triggers considered by both major parties have recommended thresholds of 500,000 tonnes.

“It is intended that the trigger would capture a wide range of actions, including projects that would have a large amount of emissions released during construction, and those that would result in a large amount of emissions released during any period of operation.“

Is that hot enough? – Giles Parkinson – News – Business Spectator

January 6, 2010 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, climate change - global warming | Australia, climate change, climate change - global warming