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Global crisis 'to kill ETS', says Voelte

Woodside’s chief executive Don Voelte says that Australia’s proposed emissions trading scheme is now “dead on arrival” due to the prolonged global financial crisis.

Voelte, who has led the clamour against the scheme which is affecting a final investment decision for Woodside’s Browse project, said yesterday that the financial turmoil means the government must rethink the introduction of the scheme.

"You can't put something like that in at this time until we get this whole fiscal chaos that's going on in the world straightened out - no government can risk jobs and the economy until we get stabilisation in the world marketplace," The Australian reported Voelte saying.

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Carbon scheme not dead, says Rudd

Australia's plans to launch a carbon emissions trading scheme within two years will not be derailed by the global financial crisis, Prime Minister Kevin Rudd said today.

Rudd said the worst international financial crisis since the 1930s did not eclipse the danger of climate change, expected to have a greater impact on Australia's $1 trillion coal and energy reliant economy than almost any other developed nation, Reuters reported.

"On emissions trading, our ambition remains 2010," Rudd told journalists while unveiling a A$10.4 billion (US$7.3 billion) emergency stimulus package to protect Australia against any global recession.

"Part of the government's thinking is the calls from business for consistency and predictability in the future. Climate change is not going to go away," Rudd said.