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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- PTC India Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
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