As the European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM) comes into effect amid the global tariff wars, a new report is calling for Asia to enact its own carbon border levy to ease the public cost of decarbonising the region’s heavy industries.
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Independent think tank Clean Energy Finance (CEF) has called on the Australian government to lead the charge towards a cross-border carbon pricing framework across the Asia-Pacific region, after Energy Minister Chris Bowen signalled an openness to carbon tariffs.
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Despite the raging global trade war, Climate Energy Finance (CEF) is calling for carbon tariffs on some imports and for Australia to lead the way for a regional Asian carbon border adjustment mechanism (CBAM).
CEF argues in its new report A price on carbon: Building towards an Asian carbon border adjustment mechanism that carbon border tariffs in international trade are urgently needed to put a price on the carbon emissions embedded in the production of industrial commodities such as iron and steel, aluminium and cement, which make up 15% of global emissions.
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A pan-Asia Pacific carbon border adjustment mechanism (CBAM) taking in the wealthiest industrial nations covering steel, cement, and aluminium is the best and cheapest way to reduce emissions from these hard-to-abate sectors while preserving margins and industries, an Australian think tank argued in a report Thursday.
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In a significant development this week, newly re-elected Federal Energy Minister Chris Bowen flagged that Australia is considering imposing a carbon border adjustment mechanism (CBAM) – a carbon tariff.
He suggested that they could be introduced this term on imports such as cement, lime and steel, building on the Carbon Leakage Review the government commissioned from ANU expert Professor Frank Jotzo.
This is a good start. We hope it signals that the Albanese government intends to use the thumping mandate it just won from the electorate to scale its green superpower agenda.
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In Canberra Times and syndicated across 100+ mastheads, The case for Asian carbon border tariffs has been made by think tank Climate Energy Finance days after the federal energy minister signalled openness to charges at the border on emissions-heavy steel and cement.
Carbon border adjustment mechanisms, known as CBAMs, can level the playing field for heavy industries subject to domestic carbon pricing.
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A report by independent think tank Climate Energy Finance (CEF) argues for a carbon border adjustment mechanism (CBAM) applied by key trading partners to help correct the historic market failure to price carbon that has led to the climate crisis.
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Australia’s landslide vote for the Labor Party in early May has given the government a clear mandate to tackle climate change as it makes a bid with Pacific countries to host Cop31 in 2026.
More public spending to support the renewable energy transition is expected, even as the government conditionally approved an extension to 2070 of one of the biggest liquefied natural gas projects in the world. Australia is one of the biggest exporters of natural gas in the world.
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Woodside expects annual sales volumes to be almost 50 per cent higher in the 2030s than they are today but insists the company has not walked away from its “Paris-aligned climate targets”.
O’Neill joined as Chief Operations Officer in 2018 and was appointed CEO in 2021, overseeing the $40 billion merger with BHP’s petroleum assets as the mining giant opted to reduce its carbon emissions and increase its exposure to the energy transition.
Development of the US$17.5 billion Louisiana LNG (LLNG) project will catapult Woodside into the top echelon by enabling the company to deliver approximately 24 Mtpa from its global LNG portfolio in the 2030s, and operating over 5 per cent of global LNG supply.
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Expert view
“The Safeguard Mechanism only accounts for Scope 1 direct emissions, and Woodside reports that Scope 3 is 93% of CY2024 total emissions (Scope 1-3). So, the vast majority of the massive nature of the climate bomb that is the North West Shelf is the exported emissions beyond the scope of the Safeguard Mechanism, including the methane burned in the electricity generation for the processing of methane into LNG. Woodside could progressively decarbonise their electricity emissions by incorporating solar, wind and BESS, but there is zero interest from the board or management leadership to do this so far.
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