Australia’s climate policy just got even worse.
Last year when the Multi-Party Climate Change Committee agreed a carbon price, they also agreed a number of complementary measures, many arguably better than the carbon price itself. One of them was a floor price; it was scrapped last week. Another was that the Government would pay electricity generators a negotiated amount to close 2,000 MW of coal power – so-called “contracts for closure”. Guess what? Now it’s gone too.
Contracts for closure were supposed to be completed by June, but generators failed to accept the amount the Government was offering, so now the policy has been cancelled entirely. Energy Minister Martin Ferguson, announcing the cancellation of the policy, said “the companies themselves will make their own commercial decisions as to their future over time.” Allowing the coal industry to decide the future of the coal industry will not address…
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