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Australia to set a carbon price for HFCs

The Australian Government has announced plans for tackling climate change which include a carbon price being fixed to HFC refrigerants which they say will be implemented through existing legislation on synthetic greenhouse gases.
The Australian Prime Minister Julia Gillard, Deputy Prime Minister and Treasurer Wayne Swan, and Minister for Climate Change and Energy Efficiency Greg Combet announced the Government's 'Securing a clean energy future' plan on 10 July.

The detailed plan explains how the country will aim to cut 159 million tonnes a year of carbon pollution from the atmosphere by 2020, which incorporates a carbon pricing mechanism which it is hoped will encourage investment in renewable energy like wind and solar power, and the use of cleaner fuels.

Under the plan, carbon will be priced at $23 AUD (about €16.9) per tonne from 1 July 2012, and will rise by 2.5 per cent each year during a three-year fixed price period until 1 July 2015. The price mechanism will then transition to an emissions trading scheme, where the price will be determined by the market.

The carbon pricing mechanism will directly cover four out of six greenhouse gases accounted for by the Kyoto Protocol, namely carbon dioxide, methane, nitrous oxide and perfluorocarbon emissions from the aluminium sector.

The remaining greenhouse gases counted under the Kyoto Protocol, namely HFCs and sulphur hexafluoride, will face an equivalent carbon price, which will be applied through existing legislation on synthetic greenhouse gases, the Ozone Protection and Synthetic Greenhouse Gas Management Act. The HFC levies will be adjusted annually to reflect the prevailing carbon price.

From 1 July 2013, incentives will be provided for the destruction of waste synthetic greenhouse gases, including ozone depleting substances recovered at end of life.

To read 'Securing a clean energy future' click here.

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