ASX firms 0.1pc but Woodside dives as deal nears to cut emissions

P/ASX 200 added 0.1 per cent, or 6.8 points, to 6962, and the All Ordinaries also edged up 0.1 per cent to 7,143.8, with utilities and real estate leading the modest gains.The “Safeguard Mechanism” reform legislation, set to take effect on July 1, is key to the Labor government’s pledge to lower emissions 43 per cent by 2030. Under the revised legislation, projects such as thewants to develop would have to include carbon capture and storage to achieve net zero.

Market sentiment towards the sector was so poor that it ignored a bounce in oil prices. Brent crude futures rose 0.4 per cent to $US75.32 a barrel, extending a 2.8 per cent gain last week. US West Texas Intermediate crude edged up 0.1 per cent to $US69.33, following a 3.8 per cent leap last week. Shares in lithium developer Lake Resources dived 13.5 per cent to 41.5¢ after its non-executive chairman, Stuart Crow, sold a chunk of shares last week to meet personal financial obligations.to $1.18 after revealing this month’s cyberattack was at least 42 times bigger than initially reported, and is now one of the largest data breaches in Australian history.

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Government still ‘captured’ by the coal and gas corporations: Greens leaderGreens Leader Adam Bandt says the Labor government wanted to expand the current pollution rate of 140 megatons to 155-184 megatons in their original safeguard design. Negotiating with Labor is like negotiating with the “political wing” of the coal and gas corporations, Mr Bandt said at a press conference on Monday. “Labor seems more afraid of the coal and gas corporations than the climate collapse, Labor seems more afraid of Woodside than global warming.' “On the day that the world scientists and the UN General Secretary gave us our final warning and said that countries like Australia need to stop opening up coal and gas mines, the government defended more coal and gas mines,” he added. “We are dealing here in this parliament with a government that is still captured by the coal and gas corporations.”
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