ABSTRACT

Compensation to industry was exceptionally generous. The scheme allocates 9.2 billion dollars over three years to support EITE (emissions exposed, trade intensive) industries; heavy polluting industries such as steel, aluminium, zinc, pulp, and paper will get 'free permits' covering up to 94.5 percent of their emissions; 1.2 billion dollars is allocated for a 'clean technology pro gram' to help manufacturers; 1.3 billion dollars will assistaffected coal miners find alternative employment. To encourage renewable energy, ten billion dollars is set aside to create a Clean Energy Finance Corporation, which will invest in renewable energy projects; and 3.2 billion dollars is allocated for research and development of renewable energy. The scheme maintains that by 2020, 20 percent ofAustralia's energy shall come from renewable sources, such as wind, solar, and geothermal. Large-scale renewable energy shall provide 40 percent of electricity by 2050. The dirtiest generators will be paid to close, cutting 2,000 megawatts of coal-fired power by 2020. Gas-fired electricity shall increase by more than 200 percent by 2050. Other funding initiatives include: 429 million dollars for a Carbon Farming Initiative for reforestation and revegetation schemes that would allow farmers to eam money by selling carbon credits to big polluters; 947 million dollars over six years for a biodiversity fund to protect Australian native species from climate change; and 40 million dollars over the next four years to promote energy efficiency measures among small businesses and community groups.