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G20 MEMBER COUNTRIES119Below: Australian PrimeMinister Julia GillardPhoto: UN Photo/Evan Schneiderbe paid by liable entities, which have facilities thatemit 25,000 tonnes or more of carbon pollution a year.It will also cover landfills that emit 10,000 tonnes ormore, where these are within a specified distance oflandfills that emit 25,000 tonnes or more. Large users of natural gas will be liable parties in theirown right, while natural gas suppliers such as retailerswill pay a carbon price for the emissions that arise fromthe use of the natural gas by smaller customers. Around500 entities will have mandatory liabilities under thecarbon pricing mechanism. Around 500 polluters willpay. To determine liability, the carbon pricingmechanism will draw on information reported under theNational Greenhouse and Energy Reporting System, anestablished measurement system for greenhouse gaspollution developed under the Howard Government andwhich commenced on 29 September 2007. The carbon pricing mechanism will not apply toagricultural emissions, legacy emissions from landfill facilities, and emissions from landfill facilities closed before 1 July 2012. The Bill recognisesthat there are different ways in which businessesstructure their affairs. It specifically deals with jointventures - a common feature of resource and energyprojects. And it allows businesses to transfer liabilityunder the mechanism within their corporate groups.The Bill provides for a fixed carbon price for three years,starting at AU$23 per tonne of carbon pollution. A fixedcarbon price, set out in legislation, provides businesswith certainty as our plan begins - and allows for amanageable transition to carbon pricing. After three years, the scheme automatically transitions to a fully flexible "cap and trade" emissions trading scheme. From this time on, a capwill be placed on national emissions and the carbonprice will be determined by the market. The Bill alsoprovides for a price cap and a price floor to apply forthe first three years of the floating price period. Thiswill limit market volatility and reduce risk forbusinesses as they gain experience in having themarket set the carbon price.At the heart of an emissions trading scheme is a cap oncarbon pollution. These caps will guarantee reductionsin carbon pollution and allow us to achieve our long-term target of an 80 per cent reduction from 2000levels by 2050. Achieving this target will take morethan 17 billion tonnes of carbon pollution out of theatmosphere between now and 2050. In 2050 this willcut 9 out of every 10 tonnes of pollution compared towhat would happen without our plan.Under the arrangements that this Bill would put inplace, pollution caps will be set by the Governmentwith advice from the expert, independent ClimateChange Authority. If caps are not set, then default capswill apply, which reflect Australia's unconditional,bipartisan commitment to reduce our greenhouse gaspollution by 5 per cent below 2000 levels in 2020. Toprovide stability and notice for business, cap-settingregulations will be made well in advance.The Bill makes provision for the Australian carbonpricing mechanism to interact with credibleinternational efforts to reduce carbon pollution.International linking gives liable parties access to abroader range of abatement opportunities, which helpscontain costs and helps promote international actionon climate change. Liable parties will be able to meet up to half of their obligation through the use of international carbon units. This will ensure that only robust,environmentally credible international units areallowed to be used for compliance. nThis article is an excerpt from Prime Minister Julia Gillard'sspeech introducing the Clean Energy Bill 2011 to theParliament in Canberra on 13 September 2011.

oal, oil and gas are still critical sources ofenergy to harness to fuel economies. The task today is how to balance thesetraditional resources with the advent ofour new carbon conscious era.Linc Energy is a company committed to realising thevalue of its resources to produce more sustainableenergy solutions to fuel nations and economies. In thepast 12 months I have taken the company into anexciting new territory with significant environmentalupsides. On top of our successful work in UndergroundCoal Gasification (UCG), I have established an oil andgas division to focus on the acquisition of these assetsin the United States.If you think about what we have at the core of Linc Energy and what drives our business strategy, it isthat we are a company focused on creating value fromexisting fossil resources by transforming them fortomorrow's energy needs, with respect for today'senvironmental consciousness.I have brought to Linc Energy a philosophy ofaccessing stranded fossil fuels to create valuableenergy products. I have applied this philosophy to UCGand our entrance into the United States oil and gasmarket. You may wonder what prompts someone inthis climate to diversify into oil? I can tell you thatestablishing oil projects in North America will placethe company in a unique position and allow us a clearpath to immediate revenue. I see acquiring global oiland gas assets as a vital component of Linc Energy'svalue-adding business strategy. We have plans to acquire enough oil producing assetsto meet 100,000 barrels of oil production per day.With this oil and gas acquisition strategy and thetraditional oil production activities that this brings, we will also look to apply Enhanced Oil Recovery (EOR)methods to sweep stranded oil from existing oilreservoirs. By applying EOR techniques to an existing,near depleted oil field we will increase the amount ofrecoverable oil from a conventional field by 10 to 20per cent to generate considerably higher cash flows forall of our energy projects.Over the past few months we have been aggressivelyexpanding our presence into North America bypurchasing a number of strategic oil and gas assets.We recently announced the acquisition of a controllinginterest in over 19,000 acres of oil tenure located inAlaska's National Petroleum Reserve. Known as the"Umiat" oil field, it is currently projected to have inexcess of 50,000 barrels of original oil in place per dayat peak production, providing us with the potential toaccess about one billion barrels of Alaskan (API 37)Light Sweet Crude.An acquisition of this size is unprecedented in Linc Energy's history and gets the companysignificantly closer to its long-term goal of one billion barrels of oil reserves, meaning an oil productionrate of more than 100,000 barrels per day. Thisacquisition has definitely given us enhanced exposureto the North American region, which has even beenrecognised by the Alaskan Governor Sean Parnell.The energy potential in this area is simply staggeringand virtually impossible to replicate in any other partof the world. The Umiat oil field will now becomeLinc Energy's Alaskan operational foundation fromwhich to increase oil and natural gas exploration anddevelopment activities in the foothills of the NorthSlope region. Earlier this year we also acquired oilfields in the heart of America's energy hub - theRight: Linc Energy CEOPeter Bond drove 6,000 kilometres acrossAustralia on its syntheticdiesel produced usingUCG and GTL processesCOALANDOILNEED A PLACEINOURCARBON CONSCIOUS WORLD 120G20 MEMBER COUNTRIESPETER BOND, CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR OF LINC ENERGY LTDC" "ANY CARBONDIOXIDE THAT WECAN SEQUESTERTO GENERATEMORE ENERGY TOHELP SUPPLY TRADITIONALGLOBAL ENERGYNEEDS IS A POSITIVE STEP