Budget brief: what’s in the budget on climate change and renewables? Not much was announced in last night’s budget on climate change and renewable energy. However, a total of A$400 million was announced for drought assistance and tax breaks for farmers to implement water infrastructure, which could become increasingly necessary given we are seeing possibly the biggest El Niño – a phenomenon often linked to drought in Australia – since 1997-98. Although not badged as such, this could be considered as climate-related finance to deal with increasingly extreme drought, and flood, climatic conditions in Australia. ….Unfortunately, the rest of the budget doesn’t show much change in the current rate of climate change investment. Read More here
Tag Archives: Fed Govt
Q&A with Ross Garnaut: ‘we’re not there yet’ on climate policy. Following the repeal of the carbon tax, the Australian government has implemented its Direct Action climate policy, centred on the A$2.55 billion Emissions Reduction Fund. The results of the fund’s first auction were released on April 23. So far, the government has signed contracts for 47 million tonnes of carbon emissions for a total of A$660 million. However, questions remain about the long-term adequacy of the fund and its ability to achieve Australia’s unconditional emissions target of 5% below 2000 levels by 2020, and larger cuts beyond. The Conversation asked Ross Garnaut, Professorial Research Fellow in Economics at the University of Melbourne and architect of Australia’s carbon tax, what Australia needs to do to build an adequate climate policy. Garnaut was a keynote speaker at the recent Emissions Reduction Summit held in Melbourne. Read More here