More than one inconvenient truth for Senator Milne about Korea, India and Glencore
SEEMS the Greens leader can be quite realistic about the ‘mirage’ of Indian action on climate.
South Korea and India won’t stand for it! Christine Milne, Senate Hansard, Wednesday:
IF you think the rest of the world is going to put up with Australia behaving as a pariah, have another think. The Koreans will put a tax on coal imports. The Indians have already done it and that will be something that continues.
Is India really that committed to climate change action? Christine Milne, Sky’s Australian Agenda yesterday:
PETER Van Onselen: What about Clive Palmer’s dormant ETS policy idea? If there is nothing better on the table is that something that the Greens would consider voting for to at least get it in place?
Christine Milne: It is a mirage. The closer you get to it the further it moves away. When Clive came out this week and wanted India in it, like anyone who understands climate politics around the world knows, that means it is never going to happen.
Is S Korea really that committed to climate action? Michael Szabo and Meeyoung Cho, Reuters, July 18:
SOUTH Korea’s finance minister has called its impending emissions trading market “flawed in many ways”, hinting that he would pressure other ministries to delay the planned 2015 launch, a local newspaper reported.
Choi Kyung-hwan, who is also deputy prime minister, said problems had been found with the scheme, which is due to start in January, and that the government would review them before deciding whether to delay it, modify it or implement it ...
South Korea’s carbon market has come under fire from businesses, who want its start delayed until 2020. Industry groups earlier this week warned that it could cost firms a total of 27.5 trillion to 29.6 trillion Korean won ($26.7-$28.9 billion) over the next three years.
The program, which has already been delayed by two years from 2013, caps greenhouse gas emissions from over 400 of the country’s largest polluters such as power generators and manufacturers, with the aim of cutting carbon dioxide output by 30 per cent by 2020 from business-as-usual levels. The government has said it expects Korean carbon permits to trade at around $20 each, well above the $3-$12 range seen in markets in Europe, the US, China and New Zealand. But some analysts have warned that ... the South Korean carbon price could rocket towards $98 ...
South Korea (is) the world’s eighth biggest emitter.
Glencore hasn’t paid any tax for three years! Christine Milne, Sky’s Australian Agenda yesterday:
JOE Hockey says he needs help from the Senate to raise revenue. Well, I’m here, Joe. I’m happy to work with you to fix the mining tax ... Why wouldn’t we say to Glencore, which has earned $15 billion in the last three years and hasn’t paid one cent in tax — how fair is that?
Glencore paid $8bn in taxes in the last seven years. Paul Malone, The Sydney Morning Herald, Friday:
AUSTRALIA’S largest coalminer, Glencore, was last month rocked by a report by Michael West, business columnist for Fairfax Media, saying it had paid almost zero tax during the past three years on its income of $15bn ... company spokesman Francis De Rosa said Glencore complied with all tax rules and regulations in Australia and every jurisdiction in which it operated. ... (and) had paid more than $8bn in royalties and taxes in this country during the past seven years.
... He took issue with West’s major charge that Glencore was ... taking large, unnecessarily expensive loans from its associates overseas. ... Mr De Rosa said the loans dated back to 2007-08, (and) were competitive at that time ... It should be noted that Australia has ... tough transfer pricing rules and extensive general anti-avoidance rules. If Glencore ... sought to minimise tax by borrowing from its parent at a higher than appropriate interest rate, the rules give the Tax Office the power to act.