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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- MS Steel International - UAE
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
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