The cutting of the Carbon Tax Ending the Energy Security Fund two years early with savings of $770 million over the forward estimates; The Energy Security Fund will provide transitional assistance to promote the transformation of the electricity generation sector from high to low emissions generation. Trimming the Coal Sector Jobs package allocation in 2014/15 ($186 million in savings); The Coal Sector Jobs Package (CSJP) Program is providing transitional assistance to coal mines that have a high fugitive emissions-intensity. A deferral of $200 million of funding from the Carbon Capture and Storage program and the return of $24 million to the budget; Carbon capture and storage (CCS) is an approach to mitigate global warming by capturing carbon dioxide CO2 from large point sources such as fossil fuel power plants and storing it instead of releasing it into the atmosphere. Carbon capture and storage is also used for Enhanced Oil Recovery to increase yield from declining oil fields, and for storage of CO2 from natural gas fields. No coal-fired power station in Australia has CCS of CO2. CCS is proven technology but is not yet commercially viable for reduction of greenhouse gas emissions from coal-fired power stations. Without an economic driver such as a high carbon price or revenue from Enhanced Oil Recovery CCS is not expected to be commercially viable until at least 2020. The Intergovernmental Panel on Climate Change (IPCC) estimates that the economic potential of CCS could be between 10% and 55% of the total carbon mitigation effort until 2100 Read the wikipedia on this. Return of unallocated funding from the Biodiversity Fund to the budget ($213 million over the forward estimates); The Biodiversity Fund is investing $946m over six years to help land managers store carbon, enhance biodiversity and build greater environmental resilience across the Australian landscape. It provides support for the establishment of native vegetation or better management of existing native vegetation. Return of $143 million of unallocated funding from the Carbon Farming Futures program to the budget; Under the Australian Government’s plan for securing a Clean Energy Future, the Carbon Farming Futures program will provide $429 million to ensure that advances in land management technologies and techniques for emissions reduction and adaptation will lead to enhanced productivity and sustainable land use under a changing climate. Savings of $200 million of funding from the Clean Technology Program and return of $162 million of unallocated funding to the budget. The Australian Government’s Clean Technology Program provides incentives for manufacturing businesses to reduce emissions and invest in clean energy, as well as for innovative businesses in all sectors to develop new clean technologies and services. [maybe it was this one where I saw a SA Ice Cream factory was given money to upgrade its refridgeration plant or other companies getting money for other improvements]
Posted on: Tue, 16 Jul 2013 10:07:22 +0000
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