Newsletter: 4th Quarter 2007
Labor aims for blue skies
December 3, 2007, will go down as an eventful day in Australia's history. Shortly after the Governor-General swore in Kevin Rudd as Australia's new Prime Minister, the PM marked the end of the Howard Government by ratifying the Kyoto Protocol, marking a clear change in leadership.
Australia will become a full Kyoto member by next March, in the meantime Mr Rudd headed to Bali to attend the United Nations Climate Change conference along with Treasurer Wayne Swan, Climate Change Minister Penny Wong and Environment Minister Peter Garrett.
The Labor Party's over all climate change aim is to cut greenhouse gas emission by 60% by 2050. They announced their intention is to re-organise the Howard government's spending to focus on Labor's priorities in November, 2007, using a budget of $415.3 million over four years.
On an over-arching scale Labor has promised to spend $500 million on a Renewable Energy Fund to develop and commercialise renewable energy. A Clean Business Fund will receive $240 million on to help industry improve energy and water efficiency. An Energy Innovation Fund will be developed with $150 million to keep retain Australia's scientists and researches from going overseas (see table below).
Mr Rudd said these initiatives would compliment a $500 million Labor's Clean Coal Fund. Under this fund the party promised to include $50 million for a pilot coal gasification plant in Queensland, $50 million to demonstrate carbon capture and storage in New South Wales and $5 million to undertake mapping and testing of possible carbon storage sites in Western Australia.
| 2007-08 | 2008-09 | 2009-10 | 2010-11 | Total | |
|---|---|---|---|---|---|
| Renewable energy fund | 0.0 |
75.0 |
75.0 |
75.0 |
225.0 |
| Energy Innovation Fund | 0.0 |
24.0 |
30.0 |
36.0 |
90.0 |
| National Clean Coal Fund# | 0.0 |
75.0 |
75.0 |
75.0 |
225.0 |
| Clean Business Fund | 50.0 |
60.0 |
70.0 |
180.0 |
|
| Gross total | 224.0 |
240.0 |
256.0 |
720.0 |
|
| LETDF* | 0.0 |
-52.5 |
-50.0 |
-38.0 |
-140.5 |
| Green house Gas Abatement Program * | -0.6 |
-3.6 |
-4.2 |
||
| Commercial Ready | -51.8 |
-53.2 |
-55.0 |
-160 |
|
| Total offsets | -104.9 |
-106.8 |
-93.0 |
-304.7 |
|
| Net impact | 0.0 |
119.1 |
133.2 |
163.0 |
415.3 |
* The level of uncommitted funds for LETDF (Low Emissions Technology Demonstration Fund) and GGAP has been confirmed with the Department of Environment and Water Resources. Projects previously announced by the Government for funding from the LETDF that have not been finalised will be funded through Federal Labor's Clean Coal Fund or Renewable Energy Fund.
