[Greens-Media] Senator Christine Milne - Poll: 3 out 4 Australians want the Senate to toughen CPRS

[Kelly, Russell (Sen B. Brown)]

Monday 3 August 

Poll: 3 out 4 Australians want the Senate to toughen CPRS 

New Research shows foreign companies poised to pocket billion-dollar climate payouts

New research shows massive payouts are poised for foreign companies under emissions trading while a new Galaxy poll reveals 3 out 4 Australians want the Senate to insist on amendments to toughen the legislation.

Releasing the information today, Deputy Greens Leader, Senator Christine Milne revealed:

* The research shows companies that are wholly or partially owned overseas will profit from up to $11.7 billion in unprecedented Government handouts under the ETS legislation; while 
* a new Galaxy Poll reveals 75% of Australians want the Senate to insist on amendments to toughen the Government Carbon Pollution Reduction scheme.

Senator Milne said the research revealed that billions of dollars was set to flow to overseas companies headquartered in Japan, the UK, and the US.

Meanwhile, an independent poll conducted by Galaxy Research on 24-26 July of 1100 Australians showed that 75% of respondents wanted the Senate to insist on amendments which imposed tougher conditions on polluting industries before agreeing to pass the legislation.

"As we head into a crucial month for the future of Australia's jobs and environment, Australians are saying: make polluters carry a fair share."

"But instead, Kevin Rudd is giving away billions to super-rich companies such as $1.1 billion to International Power, the UK-owners of the Hazlewood Power Station in Victoria."

"There is no guarantee that the money Australia gives away will actually be spent here. No wonder Australians are outraged."

"Kevin Rudd and Penny Wong are warning that Australia's World Heritage icons are under threat from climate change - but it will boomerang back at them because their weak emissions legislation won't stop the climate damage they are warning about."

The Galaxy Poll (Commissioned by The Greens): [Copy attached]
Question: The Government's proposed Emissions Trading Legislation has not yet been passed by the Senate. Do you agree or disagree that the Senate should insist on amendments which impose tougher conditions on polluting industries before agreeing to pass the legislation?

Sample: 1100 Australians, 24-26 July
Strongly Agree:		38%
Agree:			37%
Total Agree:			75%
Strongly Disagree:	8%
Disagree:			5%
Total Disagree:			13%
Don't Know/Refused:		12%
Total					100%



The Research - Highlights: 

o A total of $11.68B worth of assistance under the ETS will flow to companies that are wholly or partially owned in the first five years of the Scheme
o 84% of compensation in the coal-fired electricity generators sector will go to foreign companies, based in UK, Hong Kong and Japan. With a total of $3.246B flowing to such companies between 2011-2015.
o 67% of the allocation - or $8.4B-  under the Emissions Intensive Trade Exposed (ETIE) scheme would flow to companies that are wholly or partially owned by overseas companies between 2011-2016
o The owners of the Hazelwood Power station in Victoria, UK International Power Plc, are in line to pocket 28.6% of assistance available to the coal-fired electricity generators sector, or some $1.1B. Yallourn W power station, owned by CPL Power Asia, will receive $908 million.
o Loy Yang A power station - in line to receive $782million.


 
EITES  (2011-2016)
(estimates based on top 20 financial recipients under program)
ESAS (2011-2015)
Value of assistance of funding going to companies that are wholly or partially owned by over seas companies ($M)                                                    EITES  (2011-2016) - $8,433
ESAS (2011-2015) - $3,246
Percentage of funding going to companies that are wholly or partially owned by overseas companies
EITES  (2011-2016) - 67%
ESAS (2011-2015) - 84%

Sources:  Greens Analysis using the following data sources 
FOR EITES DATA (Energy-Intensive Trade-Exposed Sector)
Fry, D. and Barraclough, M. (2009) Research Note: The impact of industry assistance measures under the CPRS - Scheme deferral update 18 May, 2009  Report by Risk Metrics Group for the Australian Conservation Foundation 
FOR ESAS DATA (Coal-fired Electricity Generation)
ACIL Tasman (2009) Fuel resource, new entry and generation costs in the NEM Report to the Inter-Regional Planning Committee of the Australian Energy Market Operator



Further information: Russell Kelly 0438376082 ends