Carbon Tax

Topics: Carbon dioxide, Global warming, Emissions trading Pages: 7 (1616 words) Published: February 4, 2014
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Issue facing in Australian business by introduction of Carbon Tax Carbon Tax and its effects on electricity

Executive Summary This report undertakes the preliminary assessment of the carbon tax issues (announced on 10 July 2011) on the Western Australian economy, budget and households to reduce the potential threat from climate change. According to the mainstream scientific that global warming is caused by increase in emissions of the greenhouse gases (such as carbon dioxide). Australian government is approach to implementation of carbon trading scheme to support climate change policy. An interesting of the carbon tax is it is having added benefit of providing revenue which cut other taxes. This analysis provides the impact on input costs and other factors including provision of household or business compensation. Introduction What is Carbon Tax?

It is one of the Australian Government’s policy on climate change is pricing carbon and named it as “Carbon Tax”. For the period of 3 years carbon price of 23$ per tonne is required to pay by the polluters, starting in less than six months, escalating by 2.5% plus CPI for the period of 3 years is the idea behind this policy.Later on the market is supposed to sort out the pricing itself. The Australian Government take this policy to drive the behavioural changes of using alternative energy methods to reduce carbon footprints such as: Encourage of gas-fire usage or generation of energy from inexhaustible source. Upgrading to gas-fired boilers from coal-fired boilers in manufacturing plants, commercial buildings and hospitals.

Making energy-efficient buildings more attractive to tenants.

Providing the energy usage more wisely for households and businesses.

Innovation of technology to reduce pollution from existing processes.

Renewable the installation of more efficient motors in industry.

The Government has produced a note that the increase in the cost of living of introducing the tax is 0.7% increase on CPI to convince the citizens. It has also produced a Household Compensation Calculator to provide homes with an indication of where costs will rise and what compensation households will be entitled to. This schema is also a wealth redistribution device that citizens should aid for the costs of the tax, whose earning is less than 80,000$. This will around on an average of 300$ to 380$ from 1 July 2015. Background The Australian economy will be in significant risk if necessary steps did not taken towards pricing carbon. Over the next few years, the Britain Union expand the penalty impose sanctions on countries that do not meet standards on carbon reduction mechanisms. The spearhead economic powerhouses like China and the US will likely be able to negotiate their way around them, by threatening retaliatory sanctions or similar. Australia, on the other hand, does not have that sort of negotiating power, and will be forced to pay the price. China is working very hard to rectify its pollution issues and is investing much more on alternative energy than any other country (as shown in the table below). Figure 1 – Investment by country and sector, 2010 (billions of $) (Pew Environment Group report: Who’s Winning the Clean Energy Race...

References: Demystifying the Carbon Tax Proposal by Energy Action (http://www.energyaction.com.au/australian-energy-market/carbon-price/69.html?gclid=CKXe5ae30LYCFQpepQod3RgAVg) http://www.carbontax.net.au/category/what-is-the-carbon-tax/ Exploring a Carbon Tax for Australia -- John Humphreys (http://cis.org.au/images/stories/policy-monographs/pm-80.pdf) Pew Environment Group report: Who’s Winning the Clean Energy Race 2010? (http://www.cpsisc.com.au/resources/CPSISC/Useful%20Discussion%20Papers/DP%207%204%20Carbon%20Tax.pdf) NSW VIC QLD ACT SA WA TAS Carbon Intensity t CO2-e 0.9 1.23 0.89 0.9 0.72 0.82 0.32 Carbon Premium $/MWh $20.70 $28.29 $20.47 $20.70 $16.56 $18.86 $7.36
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