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$600 million being raised by Queensland coal producers managed by ACA Low Emissions Technologies Ltd, or ACALET

Posted by gmarkets on 28 September, 2007

During the Queensland Parliament (24/5/07), Fiona Simpson, Deputy Leader of the Opposition and Member for Maroochydore of the NPA said that the COAL21 Fund had been set up and funded by a voluntary levy on coal producers of 20c per tonne of coal produced to demonstrate promising technologies for reducing greenhouse gas emissions from coal-fired power stations. Levy 20c/tonne sold from 1 July: This would result in an estimated $600 million being raised by Queensland coal producers over the next decade and would be managed by ACA Low Emissions Technologies Ltd, or ACALET. Recently, the Premier backed down over plans to increase royalties paid to the government by coal companies but would legislate to make coal producers in this case pay a so-called voluntary 10c levy for every tonne of coal sold, increasing to 20c from 1 July this year. It was ‘so-called voluntary’ levy because there was the threat that if the coal companies did not participate they would face an increase in royalties and potentially funds being given to one particular project.

Industry and govt joint $300m assessment: The industry has already begun a joint assessment with the Queensland government of a major $300 million integrated gasification combined cycle or IGCC project with near zero emissions in Queensland where more than half the nation’s black coal was produced.

Consequences of the bill: The bill before the House would allow the Clean Coal Council to be formed to make recommendations to the Premier on the allocation of funds equivalent to those raised from Queensland producers from the COAL21 Fund for the research, development and demonstration of clean coal technologies. This bill would authorise the Premier to enter the Queensland Clean Coal Agreement with ACALET. The bill, together with the Queensland Clean Coal Agreement, would give the Premier the final decision on which projects were funded and the amount provided from the COAL21 Fund.

Reference: Fiona Simpson MP, Deputy Leader of the Opposition, Member for Maroochydore, First Session of the Fifty-Second Parliament, Queensland, 24 May 2007

Erisk Net, 6/7/2007

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