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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.
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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
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