The Government will need to find around $1 billion to fund climate-related initiatives, as it isn’t getting the cash it was banking on from the Emissions Trading Scheme. On Wednesday, the Government was unable to sell the carbon units it put up for sale in its second auction of the year. Because its first auction didn’t clear, it had two tranches of units, worth about $500 million in total, for sale. These will now be carried over to the next auction in September and if that auction doesn’t settle either, all the units will be put on the table at the December auction…. Ultimately being extinguished as the new year begins. Climate Change Minister James Shaw says he is not worried as markets fluctuate all the time. He says like any auction, it is the market working as it should. I caught up with James Shaw at Fieldays and he said he was pleasantly surprised by the reaction he has received at the event.
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