A Green Economy – How Does Australia Compare?

World Environment Day (WED) is an event occurring every year on 5 June with a goal of promoting positive environmental awareness and action around the world.  This year’s theme revolves around the notion of a Green Economy.  This is defined as an economy whose growth is fuelled by investments that reduce carbon emissions, promote energy and resource efficiency and prevents the loss of biodiversity.

With WED steadily approaching, let’s reflect on how Australia has made significant strides towards achieving the status of a Greener Economy.  The major legislative tool influencing this change comes in the form of The Clean Energy Legislative Package effective 1 July 2012, which puts a price on carbon and requires 500 of Australia’s major polluters to monetarily pay for their emissions.  The legislative aim is to spark an economic transformation that will create incentives to reduce emissions and invest in clean energy.

While there has been much controversy over this legislation, the resource industries across Australia will be assisted as follows:

• Jobs and Competitiveness Program:  $9.2B to support jobs and protect the competitiveness of the emission-intensive, “trade-exposed” industries.
• Clean Technology Program:  $1.2B to directly improve energy efficiency; reduce carbon pollution in manufacturing industries; and support research and development of low emitting technologies.
• Steel Transformation Plan:  $300M to help the industry transition to a clean energy future.
• Coal Sector Jobs Package:  $1.3B to provide transitional assistance to help the coal industry implement low emitting technologies for the mining projects that produce the most emissions and will thus be the most impacted by the carbon tax.

To find out more about the Clean Energy Legislation and how your company will be affected, check out http://www.cleanenergyfuture.gov.au/.