Market outlook for trade finance is gloomy

 

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New research by the International Chamber of Commerce (ICC) and the International Monetary Fund (IMF) has revealed a largely pessimistic outlook for the demand for trade finance products in 2012.

Based upon inputs received from 337 financial institutions responding to a joint ICC-IMF survey, the findings also show a two-speed financial system: For emerging Asia the outlook is the strongest, while the Euro area is the weakest.

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Renewable energy project approvals to be streamlined
Wednesday, 25 August 2010 11:11
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The Victorian Government will set timeframes for industry and provide more easily accessible information for communities under reforms to approval processes for renewable energy projects in Victoria.

Responding to the Environment and Natural Resources Committee (ENRC) of Parliament Inquiry into Approval Processes for Renewable Energy Projects in Victoria, Victorian Minister for Energy and Resources Peter Batchelor said the inquiry provided an important opportunity to review current practice as we aim to increase renewable energy sources in Victoria.

"If we are to cut Victoria's greenhouse gas emissions we need more renewable energy projects but for these to be successful they need to strike the right balance between meeting community and industry expectations," Mr Batchelor said.

"This inquiry was an important opportunity to consider if improvements can be made to current arrangements and to also consider any changes required as new renewable sources such as wave and geothermal are explored."

In the recently released Climate Change White Paper the Government set a target for up to 25 per cent of Victoria's power to be delivered from renewable sources by 2020.

"The approvals process is pivotal to meet this target and deliver on our Government's commitment to cut Victoria's greenhouse gas emissions by 20 per cent by 2020," he said.

"We know Victoria has significant renewable energy potential and our Government is committed to making Victoria an attractive location for renewable investment while ensuring that proposals are developed responsibly and in partnership with local communities.

"The progress of major wind farm developments, such as AGL's $1 billion Macarthur wind farm and planning approval for Crowlands and Berrybank wind farms show that the system is working well.

"However, we want to make sure the system continues to improve. We want to make sure that these projects, that deliver significant investment and jobs to regional Victoria, can proceed."

Changes as a result of the Inquiry include:

  • A new guideline for Planning Panels to report to the Planning Minister within 90 days of the end of panel hearings;
  • A new guideline for the Planning Minister to issue decisions on applications within 90 days of receiving a Planning Panel report;
  • Greater transparency on projects by making information on the approvals process freely available on the DPCD and DPI websites; and
  • An investigation of how best to share the benefits across the community with a view to international best practice.

Minister for Planning Justin Madden said the ENRC report highlighted the role of the Victorian planning system in the effective delivery of renewable energy projects across the state.

"The Victorian Government recognises the importance of timely statutory approvals to provide certainty on the outcome of major planning projects including renewable energy facilities," he said.