climateandcapitalism.com
Australia's carbon price plan: 'The greatest corporate windfall of our time'
Friends of the Earth Australia says the newly announced carbon price mechanism will give generous handouts to polluters while having limited impact on greenhouse gas emissions Statement issued by Friends of Earth Australia July 11, 2011 Friends of the Earth Australia has today criticised the carbon price mechanism for its generous handouts to polluters and for its limited impact on greenhouse gas emissions. Spokesperson James Goodman said: "Under the Carbon Price Mechanism $5 billion flows to polluting industries every year. Of this, $1.5 billion goes to power stations to help reduce emissions, the rest is industry compensation for lost competitiveness. Only $1 billion will go to renewables. "In addition, under the price mechanism, the big corporate polluters will get free 'permits to pollute' for up to 95 per cent of their emissions. If they reduce their emissions they will be able to cash-in these permits – at $23 each. "The Government is making it easy for corporates to carry on