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Australia's Energy Policy Analysis

   

Added on  2020-03-13

6 Pages1405 Words82 Views
Environmental Science
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ECONOMICS FOR BUSINESS 1Energy Policy of AustraliaStudent’s NameCourse IDUniversityDate
Australia's Energy Policy Analysis_1

ECONOMICS FOR BUSINESS 2Due to the recent environmental crisis, energy policies and climate policies have played amajor role to limit the carbon emissions. Most of the developed countries such as Australia have continuously worked on certain energy policies to improve the scenario (Wesley, 2015). In this particular study, the energy policy of Australia and its impact on the energy production industry have been illustrated. In order to elaborate the impact of the energy policy, an article related to the topic has been chosen and analysed. In the article, Murphy (2017) has identified the failure ofclimate policy as well as energy policy of the Australian government over the past decade or so. Understandably, carbon trading as energy policy has not worked so far for Australian government as such policy schemes have seemed to be far more favourable for the polluters. In the meanwhile, the policy does not encourage the polluters to go green. In addition, the reductionof carbon tax policy by Tony Abbott used a climate policy can be termed as a failure as well (Murphy, 2017). Precisely, the lack of strong energy policy implemented by the coal and natural gas industry has created long-term challenges for the Australian government as well.In Australia, the energy policy has been regulated and influenced by the State and Federalgovernment only. Moreover, the energy policy of Australia has been determined for the major industries such as coal industry and LNG sector (Anceschi and Symons, 2012). Due to political influence, over the past decade, Australia energy policy can be termed as unconscionable. The federal energy policy of Australian government has provided subsidies towards the companies engaging in the coal mining and LNG extraction projects in Australia. Evidently, energy policies have supported the energy producers over the years (Falk and Settle, 2011). But, currently, the outcome of the energy policies is far from the estimated targets. In the meanwhile, the energy policies have contributed towards price hike of electricity and other resources.
Australia's Energy Policy Analysis_2

ECONOMICS FOR BUSINESS 3One of the major setbacks of the Australian energy policy is the environmental crisis and its impact on the economic health and forecasts. The regulatory policies have failed to control thegrowth of the coal-mining sector as Australia can be termed as one of the major coal-dependent economies. Before 2015, the Australian government has put less attention towards renewable energy sector as the coal-oriented economy has provided significant revenue to the government (Cheung and Davies, 2017). However, the recent crisis in the global demand for coal and shift in the electricity production from coal to solar plants have resulted in a downfall of the coal industry. Furthermore, the rising level of carbon emission can be defined as the major failure of theAustralian energy policy. It can be seen that the Australian Government has repealed the carbon tax policy and replaced it with some other fiscal policies in the year 2014, to have a better support of the public (Valadkhani, Babacan and Dabir-Alai, 2014). For instance, Abbott Government introduced an incentive scheme for the energy users to promote them using less non-renewable energy sources and reduce the carbon emission level in the nation. However, the new policy of the Australian Government resulted in a negative outcome and a hike in the carbonemission level can be evident in last few years. A figure has been presented herein below for further understanding:
Australia's Energy Policy Analysis_3

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