WA stocks welcome $4.5bn emissions plan

13/05/2009 - 13:51

Bookmark

Save articles for future reference.

Shares in carbon offset specialists in Western Australia and Aviva Corporation have jumped after the budget unveiled a $4.5 billion Clean Energy Initiative, a move welcomed by the Chamber of Minerals and Energy WA.

WA stocks welcome $4.5bn emissions plan

Shares in carbon offset specialists in Western Australia and Aviva Corporation have jumped after the budget unveiled a $4.5 billion Clean Energy Initiative, a move welcomed by the Chamber of Minerals and Energy WA.

Treasurer Wayne Swan last night said the initiative will support low-emission technologies and create low-pollution jobs and include $2 billion over nine years towards research into carbon capture and storage

Aviva today welcomed the Rudd government's clean energy move, with its shares jumping 41 per cent to 19 cents at 15:18 AEST.

Aviva is developing the Coolimba power project in the Mid West region, which has been designed as one of the country's first, commercial scale, carbon capture ready power stations.

The project involves a proposed 400-450 megawatt coal fired power station, with provision for a 360MW gas fired power station and up to 2.9 million tonnes per annum carbon sequestration project.

The operation is being jointly developed between Aviva and global power company AES.

Shares in carbon sequestration company CO2 Group rose 13 per cent to 17c while shares in Subiaco-based Carbon Conscious jumped as much as 9 per cent to a high of 18c before last trading at 16c.

CMEWA, which welcomed the initiative, had advocated for consideration of low emission technologies as part of a broad response to climate change.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options