We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
 COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global climate change is one topic that has now taken very serious dimension but hardly been realised in a serious enough way by the nations across the world.
Climate change effects have noticed frequent catastrophes, such as severe drought, heavy rains cycles, cloudbursts, longer and more extreme heat waves, spread of tropical diseases such as SARS and bird flu, damage to vegetation and agricultural systems due to pests, and threats to coastlines and proper due to higher sea levels and strom surges, extreme weather events and prolonged droughts will continue to lead to increased injury, illness and death.
Continued warming temperatures will also increase the number of malaria and dengue fever cases and lead to an increase in other infectious diseases as a result of poor nutrition due to food production disruption.
It threatens to bring more famine and drought, worse pandemics, more natural disasters, more resource scarcity, and human displacement on a staggering scale," Asian and developing countries should take the lead in this regard by moving the UN to pass a resolution to put in place an effective and strong mechanism to urge the countries to curb the production of greenhouse gases and also help the developing ones to find technological solutions to help reduce the production of these gases in the process of industrial development and take steps to effectively control this potentially dangerous development.
Although issue of climate change and global warming are fairly high on the agenda of most governments, but in practice, across nations, there is a wide variation in policy response to the emerging threat. This is not surprising because different countries have different priorities depending on their state of economic progress. Governments, especially in major emerging economies, are forced to strike a balance between domestic compulsions - poverty alleviation, for instance - and policies that help combat climate change.
Obviously, it is a political call that governments take. Responsible and responsive policymaking will surely have to take into account threat perceptions of climate change; but that can hardly qualify to be any country's single point agenda. If any country accept sustainable growth and development as the way forward, it subsumes the climate change issues.
At the same time, no country can ignore the inherent contradiction in the expression "sustainable growth". Growth essentially involves exploiting natural resources for human benefit and countries have to strike a delicate balance between environmental sustainability and economic growth. It is easier said than done. As the climate issue impinges on everyone, wisdom demands that nations sink their petty differences in approach and strategy to stem the danger from spreading further and squeezing the survival prospects of one and all. Principally, the efforts boil down to reduction of greenhouse gas (GHG) emission, caused primarily by accelerated economic development through exploitation of fossil fuels rich in carbon dioxide.
Environmental changes: Australia
Most people now agree that Australia’s climate is changing. In Australia the number of record hot days has doubled over the last 50 years. In 2011 Australia experienced bush fires and some of the worst floods in country for centuries when Brisbane got devastated and other areas all throughout Queensland went under water. Scientists also now know that oceans have risen 20cm in the last 200 years. If they go another 20cm then this would wipe out island communities and cause flooding to some major centres. The carbon emissions, greenhouse gases and deforestation is contributing to these environmental changes.
Carbon Tax
Australia has introduced its highly controversial carbon tax, after years of bitter political wrangling. Carbon tax in Australia effective from 1st July 2012 will penalize (tax) big polluters for carbon emissions at a flat rate fee of $23 per tonne of emissions. After a 3-5 year period it is proposed that the pay per tonne system will change to a cap and trade system whereby emissions are capped at a certain level and big polluters will have to buy permits from lower carbon emitting businesses if they wish to increase their emissions. This is otherwise known as carbon credits trading. Carbon tax has taken various forms in different parts of the world based on unique economic circumstances and tax systems.
The top 500 emitters will be charged a flat rate fee of $23 per tonne of emissions by the government in the first year, beginning 1 July 2012.The $23 per tonne is to be indexed to inflation and will rise to $24.15 in 2013-10 and $25.40 per tonne in 2014-15. From the 1st July 2015 the price paid per tonne will be set by the market via a cap and trade system The main objective is to cut Australia’s carbon emissions by 5% by 2020. Major industries affected include electricity and energy producers, mining, business transport, waste and industrial processes.
A price on carbon will not apply to fuel for off-road and on-road light transport by agriculture, forestry and fisheries. Households and small business will also be exempt from a carbon price on fuel. Although a 6c reduction in the off-road diesel fuel rebate will cause general pain for junior miners and for rural and regional business.
Carbon Tax Revenue
Carbon Tax Revenue will be reinvested into clean energy technology and renewable energy projects. Offshoot development funds will also be set up to focus on biodiversity, low carbon agriculture, small business grants and indigenous communities. The government has promised to compensate 90% of households for any increase in energy bills via tax cuts or increases to family benefits.
Carbon tax is essentially an indirect regressive tax (tends to hurt lower income earners). Carbon tax is expected to raise some $15 billion in government revenue which assist with the ongoing Global Financial Crisis .. It is designed to change how manufacturers go about their business, that is to reduce their emissions so they don't pay tax and it is designed for us, the consumer to change how we consume non renewable energy such as electricity.
1.The Government of Australia is planning that $13-$15 billion dollars will be reinvested into developing green energy technology which is proposed to further reduce emissions. Businesses are encouraged therefore to invest in renewable energy such as solar as well as create a whole new industry of jobs.
2.The Australian Government has pledged to compensate Australian households with nearly half the revenue generated by the carbon tax. Those who earn more will get less. Further 9 out of 10 Australian households will be given cash bonuses to offset price increases and the pension will be increased.
3.As mentioned above the 500 biggest polluters will initially pay $23 per tonne of carbon emissions then after 3-5 years the market will set the price. Businesses are in the game of increasing revenue and decreasing costs. So carbon pricing is designed to get businesses to innovate to find a way to reduce their emissions. No doubt there will be some polluters who will pass on the cost of their extra tax to consumers. But with the majority of consumers now being more environmentally conscious products of the biggest polluters will be more competitive if they are cleaner and greener. There will also be tax incentives for farmers in the form of carbon credits that will offset tax payable. This depends on appropriate investment in capital to reduce emissions.
4. The Australian Government has set a target of reducing carbon emissions by 5% from 2000 to 2020.
5.Revenue will be used to protect Australia's fauna and flora for further protection of fragile and endangered ecosystems.
The government says the tax is needed to meet climate-change obligations of Australia – the highest emitter per-head in the developed world, but the opposition argues that it a “Toxic Tax” is expensive and unnecessary that will cost jobs and raise the cost of Living. Entire carbon tax is a scam and a monumental fraud which does nothing to help the environment. As per many leaders against implementation of Carbon Tax , the western companies make billions from seizing land and using it to grow trees in return for lucrative carbon credits which are then sold to companies under carbon tax schemes like the one passed in Australia.
The national and international carbon market is set to change dramatically over the next few years and Australia’s Carbon Tax is a significant part of this transition – organizations must adapt and prepare for a carbon constrained future.
Climate change is a tricky subject to discuss and it's effect on the climate much debated. But the carbon tax is very real, it is now here in Australia and it will affect all Australians. It is known fact that deforestation , carbon emissions , and greenhouse gases in contributing to Global warming and Climate Changes.
By : Sunil K Kumbhat , Jodhpur( Rajasthan) India.
Views expressed herein are personal views of the author and not that of COALspot.com. We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your article please click here.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
|
|
|
Showing 81 to 85 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- The University of Queensland
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
|
| |
| |
|
