MACKAY, Australia (AP) — The Australian mining boom built over a decade on Chinese hunger for energy and raw materials is turning into bust for many business owners as China's cooling growth reverberates through a country accustomed to winning from the rise of an Asian economic giant.
BEIJING (AP) — Voracious demand for wood to feed factories for exports and satisfy wealthier consumers at home has turned China into a magnet for the illegal timber trade, causing other countries to strip their forests as Beijing does little to discourage the practices, an environmental group said in a report released Thursday.
The Australian government pushed a new 30 percent tax on big mining companies through Parliament on Monday but faces an uphill battle to reduce the tax burden on struggling companies outside the booming commodities sector.
The Senate passed the legislation 38 votes to 32, allowing the government to take a bigger slice of profits from a mining boom driven by Chinese and Indian demand for raw materials.
Energy Department Loan Program Executive Director Peter Davidson said the agency would announce up to $8 billion in new loan guarantees for fossil-fuel projects that use technology to reduce carbon dioxide emissions, Platts reports.
Uncertainty over the extension of the wind production tax credit has slowed the development of new wind-generating capacity, as producers aim to ink contracts by the year's end rather than get turbines in operation, National Journal reports.
Earthjustice filed a lawsuit against the Environmental Protection Agency over its approval of the pesticide sulfoxaflor, saying the chemical is highly toxic to bees and other pollinators, The Hill reports.
Mexican Senate committees backed draft legislation that would open the country's oil markets to outside investment, moving the package proposed by President Enrique Pena Nieto to the Senate floor for approval, Reuters reports.
China's National Development and Reform Commission released its first blueprint for responding to climate change, including better natural disaster warning systems, sustainable agriculture and conservation efforts, The Wall Street Journal reports.
Under a draft energy plan, South Korea plans to cut its reliance on nuclear power to 29 percent of its energy mix by 2035 due in part to public scrutiny of nuclear power after the Fukushima disaster in Japan and recent safety scandals, Bloomberg reports.
The European Union is expected to approve a plan to help repair the bloc's struggling carbon emissions market by delaying the release of new permits to create scarcity in the market, The Wall Street Journal reports.
Officials from Israel, Jordan and the Palestinian Authority approved an agreement to cooperate on developing new water sources for the three and join forces on protecting the Dead Sea, the Los Angeles Times reports.