Anthony Albanese warned factories would close unless a new price cap is slapped on gas producers "in the next few weeks" as energy ministers prepare to discuss a significant intervention into the electricity sector to provide relief for households. The government has asked ACCC to review the code of conduct covering the gas industry and recommend options to toughen the current regime. The review follows new budget forecasts pointing to a 56% increase in retail electricity prices over the next two years and a smaller but still significant spike in gas prices.
Meanwhile, according to a new report, fossil fuel companies spend an estimated $14m to $18m a year sponsoring the top tiers of Australian sport. ACF's campaigns director, Paul Sinclair commented: "when we see the Santos Wallabies or Woodside Fremantle Dockers on TV it has the effect of sanitising their role and image as big climate polluters."
A new report from the U.N. finds that the pledges made to limit greenhouse gas emissions and avert the worst consequences of climate change are falling far short of their goal.
Only 24 of the 193 countries that signed on to a 2021 agreement reached at COP 26 to "revisit and strengthen" their commitments this year have done so, the report concluded.
Act now on gas to save businesses, PM warned
Anthony Albanese has been warned factories will close unless a new price cap is slapped on gas producers "in the next few weeks", as energy ministers prepare to discuss a major intervention into the electricity sector to provide relief for households.
Federal budget: Jim Chalmers flags intervention in the energy market as prices surge
The Albanese government has asked the competition watchdog to review the code of conduct covering the gas industry and recommend options to toughen the current regime to deliver energy price relief to households and businesses.
Threaten Australian gas companies with export limits to rein in domestic prices, former ACCC boss says
Rod Sims, former ACCC boss, argues Labor needs to be tougher on the energy sector, stating 'it just needs the threat, and I think they will act'. Sims said the high gas spot price triggered by Russia's invasion of Ukraine was the key issue driving an expected 20% increase in retail electricity prices late this year and a 30% jump next year.
Actions to limit climate change and avert disaster are falling far short, U.N. report
A new report from the U.N. finds that the pledges made to limit greenhouse gas emissions and avert the worst consequences of climate change are falling far short of their goal. Only 24 of the 193 countries that signed on to a 2021 agreement reached at COP 26 to "revisit and strengthen" their commitments this year have done so, the report concluded.
Federal Government to establish $50.5 million critical minerals research and development hub
The Federal Government will spend $50.5 million across four years to establish the Australian Critical Minerals Research and Development Hub to make Australia a "critical minerals superpower". Resources Minister Madeleine King said these measures would help bring online new sources of supply, support robust supply chains, and create high-paying regional jobs for Australians while improving Australia's critical minerals capability and export resilience. "The programmes will help to establish Australia as a renewable and critical minerals superpower," she said. "Without Australia's resources, the world will not reach net zero."
ACT government publishes its draft Circular Economy Strategy
Food businesses will be required to divert food waste from landfill and encouraged to reduce their overall waste, as part of the ACT's Circular Economy Strategy. A new draft strategy is designed to reduce waste across all sectors and encourage the recycling of resources. City Services Minister Chris Steel said food and organics were a priority for reducing waste emissions.
Fossil fuel companies sponsor Australian sports to the tune of $14m-$18m a year, researchers find
According to a new report, fossil fuel companies spend an estimated $14m to $18m a year sponsoring the top tiers of Australian sport. The study, prepared by Swinburne University researchers for the Australian Conservation Foundation, argues the money could be replaced over time because it represents only 3.5% of sponsorship investment in 14 of Australia's top sports.
Farmers gear up to fight water buybacks as federal budget allocates funding to meet Murray-Darling targets
The federal government is on a collision course with irrigators and the farming lobby after Tuesday's budget allocated an unspecified amount to meet the environmental water targets in the Murray-Darling Basin plan, likely for water buybacks.
Labor plans $15m truck trade-in scheme to lift inner west's air quality
Truck owners would get up to $20,000 to upgrade their vehicle to a model that produces less pollution under a $20 million Labor election promise to improve air quality on Melbourne's inner west streets. Air quality is generally good in Victoria, but air pollution is twice as bad as the acceptable rate in parts of Yarraville, which trucks drive through to get to and from the Port of Melbourne. The state's 10-year clean air strategy will be released today by Environment Minister Lily D'Ambrosio, proposing subsidies for truck operators who upgrade their vehicles and cut down on engine emissions.