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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Australia's most ambitious climate change bill from the new Labor-led government has passed in the lower house of the Australian parliament.
The bill significantly raises the country's greenhouse gas emissions (GHG) reduction target to 43% by 2030 from 2005 levels, compared to the previous target of 26-28%. With support from the Green Party and a number of independents, it was voted in with 89 votes in favor of the legislation, with 55 of the 151-seat lower chamber voting against the bill. The 43% target is not a ceiling, according to the government, and can be raised in the future. The Greens want a 75% reduction by 2030 but supported the bill to avoid what it called "inaction." With their support, the government's legislation is expected to pass in the Australian upper house in the coming month. A failure to aggressively adopt climate change targets more in line with other wealthy nations helped lead to the downfall of the previous conservative government, which had been in power for almost a decade.
Australia is the world's second-largest exporter of coal and one of the leading liquified natural gas (LNG) exporters. Coal accounts for more than half of Australia's energy exports. It is also one of the world's largest exporters of uranium, containing almost half the world's known reserves (46%). Australia's primary energy consumption is dominated by coal (around 40%), oil (34%) and gas (22%). Coal accounts for about 75% of Australia's electricity generation, followed by gas (16%), hydro (5%) and wind (2%). In contrast, Australia has only about 0.3% of world oil reserves and relies heavily on imports. The country has suffered energy shortages and high prices due to Russia's invasion of Ukraine.
The government stated: "For nine years, Australia has stumbled from one policy to another, and this overdue legislation will provide energy and investment certainty and usher the next generation of economic growth and opportunity. It locks in 43% as Australia's target to reduce emissions and ensures a whole-of-government approach to drive towards that target. It ensures accountability through an annual update to Parliament by the Climate Change Minister on the progress being made towards the target and empowers the Climate Change Authority to provide advice to Government on future targets."
Prime Minister Anthony Albanese added: "This bill records the Government's ambition to take the country forward on climate action--and it reflects our determination to bring people with us. It will help open the way for new jobs, new industries, new technologies and a new era of prosperity for Australian manufacturing."
Industrial Info is tracking 548 Australian renewable energy projects currently underway or in the planning process worth US$252 billion in investment. In investment terms, these are dominated by windfarm projects (US$160 billion), solar (US$78 billion) and hydro (US$15 billion).
Labor refused demands from the Greens to ban new coal- and gas-fired projects, but the government did reject plans for a major coal project near the Great Barrier Reef in recent weeks. Formerly known as the Styx basin project, the Central Queensland Coal Project consists of an open cut operation and rail connection to the Queensland Rail North Coast Line. The project intends to mine 2 million tonnes per annum (Mtpa) of run-of-mine coal, which when processed will produce 1.5 Mtpa of semi-soft coking coal. The project will initially commence operations with a 1-Mtpa open cut mine, eventually ramping up to 2.0 Mtpa and in later years up to 10 Mtpa. Industrial Info is tracking five associated projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the report.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The bill significantly raises the country's greenhouse gas emissions (GHG) reduction target to 43% by 2030 from 2005 levels, compared to the previous target of 26-28%. With support from the Green Party and a number of independents, it was voted in with 89 votes in favor of the legislation, with 55 of the 151-seat lower chamber voting against the bill. The 43% target is not a ceiling, according to the government, and can be raised in the future. The Greens want a 75% reduction by 2030 but supported the bill to avoid what it called "inaction." With their support, the government's legislation is expected to pass in the Australian upper house in the coming month. A failure to aggressively adopt climate change targets more in line with other wealthy nations helped lead to the downfall of the previous conservative government, which had been in power for almost a decade.
Australia is the world's second-largest exporter of coal and one of the leading liquified natural gas (LNG) exporters. Coal accounts for more than half of Australia's energy exports. It is also one of the world's largest exporters of uranium, containing almost half the world's known reserves (46%). Australia's primary energy consumption is dominated by coal (around 40%), oil (34%) and gas (22%). Coal accounts for about 75% of Australia's electricity generation, followed by gas (16%), hydro (5%) and wind (2%). In contrast, Australia has only about 0.3% of world oil reserves and relies heavily on imports. The country has suffered energy shortages and high prices due to Russia's invasion of Ukraine.
The government stated: "For nine years, Australia has stumbled from one policy to another, and this overdue legislation will provide energy and investment certainty and usher the next generation of economic growth and opportunity. It locks in 43% as Australia's target to reduce emissions and ensures a whole-of-government approach to drive towards that target. It ensures accountability through an annual update to Parliament by the Climate Change Minister on the progress being made towards the target and empowers the Climate Change Authority to provide advice to Government on future targets."
Prime Minister Anthony Albanese added: "This bill records the Government's ambition to take the country forward on climate action--and it reflects our determination to bring people with us. It will help open the way for new jobs, new industries, new technologies and a new era of prosperity for Australian manufacturing."
Industrial Info is tracking 548 Australian renewable energy projects currently underway or in the planning process worth US$252 billion in investment. In investment terms, these are dominated by windfarm projects (US$160 billion), solar (US$78 billion) and hydro (US$15 billion).
Labor refused demands from the Greens to ban new coal- and gas-fired projects, but the government did reject plans for a major coal project near the Great Barrier Reef in recent weeks. Formerly known as the Styx basin project, the Central Queensland Coal Project consists of an open cut operation and rail connection to the Queensland Rail North Coast Line. The project intends to mine 2 million tonnes per annum (Mtpa) of run-of-mine coal, which when processed will produce 1.5 Mtpa of semi-soft coking coal. The project will initially commence operations with a 1-Mtpa open cut mine, eventually ramping up to 2.0 Mtpa and in later years up to 10 Mtpa. Industrial Info is tracking five associated projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the report.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
