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Home | Review Minutes | A: Our Inner West 2036 | B: Community Strategic Plan | C: Vision Statement | D: 5 Strategic Directions | E: Key Community Challenges 

Thu 31 Mar 2022						Recipient:6112MSZ1
REF: AEANCVn1	      	IN THE PUBLIC INTEREST		Y/R: Rate-payers & Councils

Zali STEGGALL OAM MP					E: 
Federal Member for Warringah				M:{61}(4}
AUSTRALIAN HOUSE OF REPRESENTATIVES			P: {61}(2)
PO Box 450 MANLY NSW 1655				W: zalisteggall.com.au

Dear Zali					cc	Australian Legislators 
							Interested Parties eg Rate-payers

	RATE-PAYERS 5 AFR ARTICLES 24 MAR 2022 RE CARBON CREDITS & CRYPTO ISSUES

As you are aware we are endeavouring to assist elected Members of Parliament like yourself to 
understand the driving forces behind the push for Carbon Credits and Cryptocurrencies

Please find below links to 5 articles that appeared in the Australian Financial Review [AFR] on 
Thu 24 Mar 2022 that may help explain how quickly the financial markets are changing and may 
not be in the Public Interest so require speedy Legislation

A	Ex-watchdog on attack over carbon credit fraud
B	Far too early to buy into the crazy blockchain, NFT hype
C	ANZ leads the way with the first Aussie dollar stablecoin
D	US carbon rules may pin Australian Banks to 'financed emissions'
E	Advertisement - Driving the carbon credits market

A	AFR 24 Mar 2022 Ex-watchdog on attack over carbon credit fraud (On-line Article)

Up to 80% of the carbon credits issues by Australia's clean energy regulator are flawed, leaving 
buyers holding "sham" assets that have failed to reduce the nation's carbon burden, says 
Andrew Macintosh, the Abbott government former chair of a key market oversight integrity 
committee

What is occurring is a fraud on the environment, a fraud on taxpayers and a fraud on unwitting 
private buyers of Australian Carbon Credit Units [ACCUs], including private households who 
purchase ACCUs to offset their emissions" he said

"Professor Macintosh likened flawed carbon credits to "welfare payments for the undeserving"

In 2014 Tony ABBOTT said that carbon markets involve "the non-delivery of an invisible 
substance to nobody" he said "What is occurring here is worse. It is the non-delivery of a nothing 
to a paying customer"

B	AFR 24 Mar 2022 Far too early to buy into the crazy blockchain, NFT hype (On-line Article)

NFT refers to Non-Fungible Tokens - even Wikipedia states "this article may be unclear or 
confusing to readers !"

The AFR Article states "Almost any physical or intangible asset can be turned into an NFT, 
which is attached to a blockchain and can be traded at market prices"

"The NFTs are hugely valuable as a marketing tool to the crypto industry and exchanges 
because they help suck more real money and trading volume into the ecosystem"

"You often need to buy Ethereum to acquire an NFT and Ethereum's price went from US$180 a 
coin in Mar 2020 to US$1,800 a coin in Mar 2021 to more than US$4,000 a coin in May 2021 as 
the NFT promotion and marketing drive took off"

C	AFR 24 Mar 2022 ANZ leads the way with the first Aussie dollar stablecoin (On-line Article)

It is the first time an Australian Bank has minted a digital asset linked to the value of the 
Australian dollar, and may be the first time a bank anywhere in the world has created a 
stablecoin that has been used as a real transaction

"The pilot project allowed Victor Smorgon the investment company of Melbourne's billionaire 
Smorgon family to spend $ 30 million on a digit asset fund manager Zerocap, within 10 minutes

It will now be able to use ANZ's coin to buy crypt assets like bitcoin or ethereum's ETH directly 
at lower cost

D	AFR 24 Mar 2022 US carbon rules may pin Australian Banks to 'financed emissions' (On-line Article)

Australian banks could be forced to count the emissions of residential mortgages, car financing 
and other debtors in their official carbon footprint if proposed climate disclosure rules in the 
United States are formalised later this year

The Australian Bankers Association [ABA] said "it supports any action of the Council of Financial 
Regulators to introduce a globally aligned taxonomy that also accounts for Australian context''

However New Zealand, where all of the big four banks have a retail banking presence, have 
already moved to include financed emissions in its mandated climate disclosures that are set to 
become effective in Dec 2022

E	AFR 24 Mar 2022 Advertisement - Driving the carbon credits market (On-line Advertisment)

Australia has five main carbon certificates: 

1	ACCUs for carbon-offset projects,
2	energy-focused Large-scale Generation Certificates [LGCs] derived from large scale 
	renewable energy projects
3	Small-scale Technology Certificates [STCs] the credits that back residential solar 
	panel rebates
4	The Victorian Energy Efficiency Certificates [VEECs]
5	NSW Energy Saving Certificates [ESCs]	

An increasingly profitable by-product of carbon credit origination is Hedging, proving clients with 
greater financial certainty ( who are considered clients - Local Government Councils ?)

"Hedging is a risk management strategy employed to offset losses in investments by taking an 
opposite position in a related asset. The reduction in risk provided by hedging also typically 
results in a reduction in potential profits. Hedging requires one to pay money for the protection it 
provides, known as the premium".

Yours sincerely



Peter AXTENS LLB (Retired)		Stephen GOULD
Chair - NSW Digital Economy Review Cmt	Chair - On-line eBusiness Cmt
SUSTAINABILITY ACTION NETWORK		OPEN INTERCHANGE CONSORTIUM 

B:PO Box 517 Neutral Bay Junction   2089
E: trustee.THD@gmail.com
M: {61}(4)1600-9468

Att

A AFR 24 Mar 2022 Ex-watchdog on attack over carbon credit fraud 
B AFR 24 Mar 2022 Far too early to buy into the crazy blockchain, NFT hype 
C AFR 24 Mar 2022 ANZ leads the way with the first Aussie dollar stablecoin
D AFR 24 Mar 2022 US carbon rules may pin Australian Banks to 'financed emissions'
E AFR 24 Mar 2022 Advertisement - Driving the carbon credits market
F AFR 22 Mar 2022 Ethereum co-founder Its early days in a paradigm shift
G AFR 22 Mar 2022 Wyoming State USA leads in crypto custody laws


A 2004 Red Wahoo developed XML Name & Address Schema for GovDex

B 2006 Australian Government e-gov Strategy

C 2006 p23 of that Strategy

D 2009 list of Australian Government GovDex Users

LEGEND

EDI	Electronic Data Interchange
SME	Small and Medium size Enterprises
UNFCCC  United Nations Framework Convention on Climate Change [UNFCCC]
XML	Extensible Mark-up Language


I	Other Inner West Council Documents that are part of the CSP2036

	a	Strategies
	b	Plans
	c	Statements
	r	Research References

a	Strategies

Is1 Resourcing Strategy [ReS] 2018-2028 Adopted Jun 2018- PDF File		
Is2 Climate + Renewables Strategy [CRS] - draft On-line		
Is3 Employment and Retail Lands Strategy [EaRLS] - PDF File		
Is4 Housing Strategy [HS] - PDF File
Is5 Integrated Transport Strategy [ITS] Adopted 03 Mar 2020 - PDF File
Is6 Asset Management Strategy [AMS]2018-28 Adopted Jun 2018 - PDF File		
Is7 Workforce Management Strategy [WMS] 2018-22 Adopted Jun 2018 - PDF File		
Is8 Information and Communication Technology [ICT] Strategy 2018-2022 Adopted Jun 2018 - PDF File

b	Plans

Ip1 Community Strategic Plan [CSP] 2036 Endorsed Jun 2019 - On-line
Ip2 Economic Strategic Development Plan [EDSP] draft - On-line
Ip3 Long Term Financial Plan 2019-2029 Adopted Jun 2019 - PDF File

c	Statements

It1 Local Planning Statement [LPS]		

r	References

R6 2019-01-19 Adelaide Advertiser: Compensation paid to Slave Owners 1835 - 2015 (180 yrs)

R5 2003-2014 Value of Volunteers to Australian State Economies

R4 2014-11-07 IBM "Blockchain" solution for the Diamond Industry Video

R3 1997 Lessons from a Dozen Years of Group Support Systems Research - 4,000 IBM projects

R2 Sir Evelyn de Rothschild - Director De Beers 1977-1994 & IBM UK 1972-1995

R1 1987-04-23 RUBAC Automatic eProcess Synchronisation Video

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