Latest news with #Insiders
West Australian
7 hours ago
- Business
- West Australian
Australia urged to spearhead regional carbon tariffs
Teaming up with other regional economies to impose tariffs on carbon-intensive iron and other goods has been pitched as key to Australia's future as a major player in emerging green industries. The case for Asian carbon border tariffs has been made by think tank Climate Energy Finance days after the federal energy minister signalled openness to charges at the border on emissions-heavy steel and cement. Carbon border adjustment mechanisms, known as CBAMs, can level the playing field for heavy industries subject to domestic carbon pricing. Without them, steelmakers and other producers may choose to move factories offshore to countries with less stringent regulations on pollution, a problem known as "carbon leakage". The European Union has been leading the charge and its carbon border adjustment mechanism is scheduled to come into full force in 2026. There was a strong case for an Asian equivalent building on the 17 domestic carbon pricing schemes already across the region, Climate Energy Finance net-zero transformation analyst and report author Matt Pollard said. This includes Australia, which forces big polluters to pay a carbon penalty if their emissions are above a certain threshold via the safeguard mechanism. China, South Korea, Japan and Singapore also have carbon pricing in some shape or form. With most emissions-intensive goods produced in Asia for export traded within the Asia Pacific, a regional border mechanism would effectively function as a price on carbon in international trade. "As a result, lower-emission products can more effectively compete against higher-emissions products in a global market," Mr Pollard explained. The think tank wants Australia to spearhead the conversation as part of its bid to co-host the COP31 climate summit alongside Pacific nations. Climate Change and Energy Minister Chris Bowen would not rule out the possibility of carbon tariffs on specific sectors, such as steel and cement, during an interview on ABC's Insiders on Sunday He cited an ongoing review into carbon leakage headed by Australian National University climate change economics expert Frank Jotzo. "We want to ensure Australian industry is best placed to compete in a decarbonising world," he said on Sunday. Opposition energy and emissions reduction spokesman Dan Tehan criticised the minister for floating the idea immediately after winning the federal election. "He's put electricity prices up, he's put gas prices up, and he's put emissions up, and now he wants to follow Donald Trump's lead and put in place tariffs," Mr Tehan said on social media platform X on Sunday. Mr Pollard rejected the comparison to the US president's "erratically applied, economically and industrially destructive and investment-deterring" tariff agenda. "Carbon border adjustment mechanisms are not discriminatory, and enhance globalisation, international collaboration and climate action - which is intrinsically a global problem," he said. While they are tariffs by nature, carbon border adjustment mechanisms have the opposite objectives of the Trump administration's trade policies that are designed to "enhance protectionism and isolationism". The push for regional Asian carbon tariffs was welcomed by groups like clean energy industry body Smart Energy Council and economic think tank The Superpower Institute.
Perth Now
7 hours ago
- Business
- Perth Now
Australia urged to spearhead regional carbon tariffs
Teaming up with other regional economies to impose tariffs on carbon-intensive iron and other goods has been pitched as key to Australia's future as a major player in emerging green industries. The case for Asian carbon border tariffs has been made by think tank Climate Energy Finance days after the federal energy minister signalled openness to charges at the border on emissions-heavy steel and cement. Carbon border adjustment mechanisms, known as CBAMs, can level the playing field for heavy industries subject to domestic carbon pricing. Without them, steelmakers and other producers may choose to move factories offshore to countries with less stringent regulations on pollution, a problem known as "carbon leakage". The European Union has been leading the charge and its carbon border adjustment mechanism is scheduled to come into full force in 2026. There was a strong case for an Asian equivalent building on the 17 domestic carbon pricing schemes already across the region, Climate Energy Finance net-zero transformation analyst and report author Matt Pollard said. This includes Australia, which forces big polluters to pay a carbon penalty if their emissions are above a certain threshold via the safeguard mechanism. China, South Korea, Japan and Singapore also have carbon pricing in some shape or form. With most emissions-intensive goods produced in Asia for export traded within the Asia Pacific, a regional border mechanism would effectively function as a price on carbon in international trade. "As a result, lower-emission products can more effectively compete against higher-emissions products in a global market," Mr Pollard explained. The think tank wants Australia to spearhead the conversation as part of its bid to co-host the COP31 climate summit alongside Pacific nations. Climate Change and Energy Minister Chris Bowen would not rule out the possibility of carbon tariffs on specific sectors, such as steel and cement, during an interview on ABC's Insiders on Sunday He cited an ongoing review into carbon leakage headed by Australian National University climate change economics expert Frank Jotzo. "We want to ensure Australian industry is best placed to compete in a decarbonising world," he said on Sunday. Opposition energy and emissions reduction spokesman Dan Tehan criticised the minister for floating the idea immediately after winning the federal election. "He's put electricity prices up, he's put gas prices up, and he's put emissions up, and now he wants to follow Donald Trump's lead and put in place tariffs," Mr Tehan said on social media platform X on Sunday. Mr Pollard rejected the comparison to the US president's "erratically applied, economically and industrially destructive and investment-deterring" tariff agenda. "Carbon border adjustment mechanisms are not discriminatory, and enhance globalisation, international collaboration and climate action - which is intrinsically a global problem," he said. While they are tariffs by nature, carbon border adjustment mechanisms have the opposite objectives of the Trump administration's trade policies that are designed to "enhance protectionism and isolationism". The push for regional Asian carbon tariffs was welcomed by groups like clean energy industry body Smart Energy Council and economic think tank The Superpower Institute.
The Age
3 days ago
- Business
- The Age
‘Too hard to build': Albanese government slams local councils over housing shortfall
The Albanese government has taken aim at local councils and top-heavy universities as being responsible for the nation's housing crisis and a drain on Australians' stagnating standard of living respectively, even as Labor struggles to meet its home-building targets. In one of his first speeches since being appointed assistant minister for productivity, Andrew Leigh will argue on Tuesday that a 'thicket of regulation' is holding back housing, infrastructure and research. Leigh's speech at the Chifley Research Centre in Melbourne comes just weeks after the government's own independent housing sector adviser, the National Housing Supply and Affordability Council, warned that the Labor government's National Housing Accord was set to fall 262,000 short of its 1.2 million target for new homes by the end of the decade. Leigh will put the heat on local government, singling out North Sydney Council, which has been scrambling to repair its budget after the pricing regulator rejected a proposed 87 per cent rate rise, as a prime example of a slow-mover. 'After an applicant files an application for development approval, councils are supposed to do the initial checks and lodge it in their system within 14 days,' he will say. 'In the current financial year, just one in three development applications to North Sydney Council have been approved in that time. The average lag is 41 days.' North Sydney Council was contacted for comment. Leigh will note the council also has a low approval rate, approving just 44 new homes in the seven months to February this year, 'barely 6 per cent of its pro rata target of 787 homes under the National Housing Accord.' The accord has linked funding to a target – agreed to by federal, state and local governments as well as institutional investors and the construction sector – of building 1 million well-located homes over five years from mid-2024. Treasurer Jim Chalmers, following Labor's thumping election victory, marked a turning point in the government's priorities, telling the ABC's Insiders program in May that Labor's 'first term was primarily inflation without forgetting productivity. The second term will be primarily productivity without forgetting inflation.'
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
‘Too hard to build': Albanese government slams local councils over housing shortfall
The Albanese government has taken aim at local councils and top-heavy universities as being responsible for the nation's housing crisis and a drain on Australians' stagnating standard of living respectively, even as Labor struggles to meet its home-building targets. In one of his first speeches since being appointed assistant minister for productivity, Andrew Leigh will argue on Tuesday that a 'thicket of regulation' is holding back housing, infrastructure and research. Leigh's speech at the Chifley Research Centre in Melbourne comes just weeks after the government's own independent housing sector adviser, the National Housing Supply and Affordability Council, warned that the Labor government's National Housing Accord was set to fall 262,000 short of its 1.2 million target for new homes by the end of the decade. Leigh will put the heat on local government, singling out North Sydney Council, which has been scrambling to repair its budget after the pricing regulator rejected a proposed 87 per cent rate rise, as a prime example of a slow-mover. 'After an applicant files an application for development approval, councils are supposed to do the initial checks and lodge it in their system within 14 days,' he will say. 'In the current financial year, just one in three development applications to North Sydney Council have been approved in that time. The average lag is 41 days.' North Sydney Council was contacted for comment. Leigh will note the council also has a low approval rate, approving just 44 new homes in the seven months to February this year, 'barely 6 per cent of its pro rata target of 787 homes under the National Housing Accord.' The accord has linked funding to a target – agreed to by federal, state and local governments as well as institutional investors and the construction sector – of building 1 million well-located homes over five years from mid-2024. Treasurer Jim Chalmers, following Labor's thumping election victory, marked a turning point in the government's priorities, telling the ABC's Insiders program in May that Labor's 'first term was primarily inflation without forgetting productivity. The second term will be primarily productivity without forgetting inflation.'
West Australian
4 days ago
- Business
- West Australian
Energy Minister Chris Bowen doesn't rule out carbon tariff on high emissions producing imports
Chris Bowen has been accused of following 'Donald Trump's lead' over comments suggesting Australia could force carbon tariffs on emission-heavy imports. Mr Bowen didn't rule out enacting a carbon tariff on carbon-heavy sectors like cement and lime, stating that 'we'll have more to say during the course of this term'. He said decisions would be made to 'ensure Australian industry is best placed to complete in a decarbonising world'. 'I'd urge against sweeping generalisations about policy settings,' he told the ABC on Sunday. 'What could be the case is obviously we look at particular sectors first, around cement and lime are places that we've looked at in particular, but again, I'm not going to get in front of the process.' Mr Bowen also referred to the Carbon Leakage Review which was conducted by Professor Frank Jotzo. Initial findings backed a border carbon adjustment mechanism that would make importers pay for the carbon created during production, identifying at-risk commodities like cement, lime and clinker, and moderate risk products like steel, glass and ammonia. 'We asked Professor Jotzo to look at this, he's been doing excellent work consulting Australian industry very heavily,' he said. 'I've had lots of meetings with steel makers and cement makers about these things over the past 12 months, for example, getting their feedback, and we'll have more to say during the course of this term.' Newly installed Coalition energy and emissions reduction spokesman Dan Tehan seized on Mr Bowen's comments. 'Now before the election, Chris Bowen, this arrogant minister, said nothing about carbon tariffs, and yet, here he is immediately after the election, talking about putting them in place,' he said in a video shared on social media. 'Now let's have a look at what this minister has presided over. He's put our energy security at risk. He's put electricity prices up, he's put gas prices up, and he's put emissions up, and now he wants to follow Donald Trump's lead and put in place tariffs. What a mess.' Appearing on Insiders, Mr Bowen also maintained that Australia is 'by and large on track' to meet our 43 per cent 2030 emission reduction targets, despite figures released on Friday revealing that emissions had increased year-on-year by 0.05 per cent. While Mr Bowen conceded Australia needed to 'do more' to reach net zero by 2050, he said output from renewables were 'very encouraging,' while transport remained an issue. 'Now our new vehicle efficiency standards only came into force on 1 January, for example. I wouldn't pretend that they've yet had an impact,' he said. 'These are the sorts of things that we need to keep going on to ensure that we can achieve and will achieve a 43 per cent emissions reduction, which I'm very confident we can and will.'
