Australia’s LNG-dominated upstream sector is cautiously welcoming government plans to switch to an emissions trading scheme (ETS) from a fixed carbon price, but says the change will still leave it disadvantaged. The move to an ETS from 1 July 2014 comes a year earlier than previously planned because it will reduce financial liability and help ease pressure on costs for upstream firms. But Australian upstream firms say any kind of carbon price will put them at a disadvantage to global competitors because their sector is the only one in the world directly subject to a carbon cost. Other ETS programme — in the EU and elsewhere — have largely exempted the upstream sector, Australian industry group Appea says.
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