Posted on

At a glance: The amended ETS

GOVERNMENT’S ANNOUNCEMENT

The deal will cost an extra $7.

上海性息

02 billion by 2019, with the Government suggesting it would involve extra spending of $1.28 billion over the next four years.

Prime Minister Kevin Rudd wants the scheme passed this week, in time for the Copenhagen climate change talks next month.

Originally, emissions-intensive trade-exposed industries were given a global recession buffer, but these have now been made permanent.

Agriculture excluded

Climate Change Minister Penny Wong confirmed that agriculture was excluded from the compromise deal and said there would also be more incentives for households to cut their emissions.

Coal industry given concessions

The assistance to the coal industry has been doubled to $1.5 billion.

The Government has also offered $270 million to to help coal mines reduce emissions.

In addition, the current COAG Renewable Energy Target (RET) review process will consider whether new waste coal mine gas projects should be eligible for compensation.

Assistance for mining businesses

A transitional electricity cost assistance program of $1.1 billion will be established to assist medium and large manufacturing and mining businesses with scheme-related increases in electricity prices.

Voluntary action by households taken into account

The Government says it will ensure the ETS takes into account voluntary action by households.

The scheme will be amended to ensure that all existing and future purchases of GreenPower will be counted, allowing Australia to go beyond its 2020 emissions reduction target, Mr Rudd said.

Electricity sector

There is increased assistance of $4 billion to the electricity sector.

A further three new measures – a Low Emissions Transition Incentive, an Energy Security Assurance Mechanism and deferred payment arrangements – will be introduced to maintain energy security and drive the transition to a low pollution future.

Help for food processors

And under additional proposed measures food processors are set to get $150 million in assistance and changes have been made to the compensation package for households.