Newsletter: 2nd Quarter 2007
Who is funding climate change research?
There has been a 2.2 per cent increase in annual greenhouse gas emissions recorded in 2005 compared with emissions recorded in 1990. This is down on 2004 which had an increase of 2.5 per cent compared to 1990. The country has yet to turn the tide of increasing emissions but at least it is headed in the right direction.
(Source: National Greenhouse Gas Inventory 2005)
(Source: National Greenhouse Gas Inventory 2005)
Over a third of Australia’s greenhouse gases come from power generation, of which one quarter is generated for residential use (see graphs below). Other big users of electricity are the commercial and construction sector, and metal producers. In the search for funding aimed at reducing greenhouse emissions, there are only three main identifiable sources – the coal industry along with Federal and State governments.
Following the funding trail backwards, the most recent announcement addressing greenhouse gas production came from the Queensland Government in the form of their $414 million climate change initiative, ClimateSmart 2050, released in early June.
Peter Beattie’s Government will establish a $300 million Queensland Climate Change Fund to develop clean coal technologies and alternative energies such as hydrogen fuel cell technology. The fund is also expected to earn interest of approximately $20 million a year.
The remaining $114 million will support new and ongoing initiatives. Allocation for this money includes: $50 million to renewable energy; $10 million to identify future geosequestration sites; $55 million for a Smart Energy Savings program targeted at medium to large enterprises; $7.25 million will target energy efficiency in residential homes; $1.5 million to education; $500,000 to incorporate Home EnergyWise into the WaterWise program.
In May this year the Australian Coal Association and Queensland Resources Council announced an extension to COAL21, a black coal industry voluntary levy. This five year extension is expected to increase funding for clean coal research, development and demonstration to $1 billion by 2014.
The latest funding to come from the Federal Government’s Low Emissions Technology Demonstration Fund was for $100 million, announced in March this year. The grant is for a $750 million Victorian clean coal project to build a 400 megawatt integrated drying gasification combined-cycle (IDGCC), to be built at the Loy Yang coal mine in Latrobe Valley.
In November 2006, the Federal Government announced $60 million for low carbon emissions projects. This funding forms part of the Asia-Pacific Partnership on Clean Development and Climate – otherwise known as AP6.
