Australia Looks to Big Oil in Latest Plan to Curb Emissions
- Government plans to revamp the A$2 billion climate fund
- Critics say proposals don’t go far enough to lower emissions
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Australia is seeking to cut emissions in one of the world’s biggest per-capita polluters by encouraging oil firms including Chevron Corp. and Woodside Petroleum Ltd. to invest in carbon-reduction projects.
The nation on Tuesday said it would revamp a multibillion-dollar climate fund to support the development of technologies such as carbon capture and storage to improve efficiency and reduce greenhouse gases. The move was welcomed by the oil and gas industry and blasted by climate groups, which said it undermines renewable energy projects.