Summaries - Australian Financial Review
Monday 20/4/2009 Page: 7
The Federal Government is preparing to introduce its emissions trading scheme (ETS) legislation into parliament, as business opposition to the ETS grows due to the economic crisis and fears of job losses. Hydro Aluminium Kurri Kurri, which is owned by Norway's Norsk Hydro, said that a planned $4 billion expansion of its Hunter Valley-based smelter would have to be abandoned if the ETS went ahead as is, with a 20% renewable energy target.
Westpac Banking Corporation, however, did not believe the economic downturn was sufficient reason to change the scheme, saying its was designed as a market-based mechanism and has 'significant safety valves and price buffering measures in place to respond to current economic conditions.' Climate Change Minister Penny Wong goes to Washington this week to attend the Major Economies Forum on Energy and Climate. Initiating the forum, United States President Barack Obama is seeking to increase interest in the Copenhagen climate change meeting in December.
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