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For years, Australia has tried against polluters through a carbon tax that the cost of the most egregious offenders based on their greenhouse gas emissions. Prime Minister Tony Abbott does not believe that this strategy helps a lot, however, and just a Senate vote that completely scraps the tax has won. The nation will instead spend 2.55 billion AUD ($ 2.4 billion) on the Fund for the reduction of emissions, an attempt to curb pollution by paying to industries to both reduce their emissions, as well as the use of clean energy sources such as solar and wind farms. In theory, it is a win-win: the average Australian Home saves money ($ 550 AUD per year, Abbott's Government says), but companies still have an incentive to eco-friendly technology.
As you may suspect, it turns out on the road very divisive. Those in favor of dropping the tax note that pollution sensitive to companies, such as aluminum producers, were heavily sheltered from the cost--in some cases, they even made more profit. Even if the Fund is not an effective replacement, emissions would at least eliminate abuse by the switch-up.
Opponents, meanwhile, think this is a step backward for Clean Power. The climate Institute argues that companies now face only vague emissions limits, and that the Fund replacement can be stripped of in future budgets; even if the money is safe, there is no modeling that proves that it will help. Companies that already are heavily invested in green technology, and didn't have to pay the tax, will no doubt lose a large financial advantage. The withdrawal can't put more money in Australians bags, either--Fairfax Media notes that the figures used to that $ 550 figure not quite realistic, and the real savings possible light. It's hard to know what effect the withdrawal will have in the long term, but there is a chance it may pain alternative energy more than it helps.
[Image credit: David Clarke, Flickr]
0 commentsSource: BBC
More coverage: Sydney Morning Herald, climate Institute
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