30-September-2008
Portfolio Media Releases, Emissions Trading Scheme
The Garnaut Report confirms the imprudence and great risk of the Rudd Government’s haste in pursuing a 2010 start date for any emissions trading scheme.
Professor Garnaut is saying that Australia by itself can make no impact on global climate change, that climate change is a global problem requiring a global solution.
To rush the finalisation of an emissions trading scheme for purely political reasons;
· without knowing the outcome of next year’s Copenhagen summit
· without knowing what the new US President will do, and
· without knowing the impact on real economies of the global financial meltdown
is reckless in the extreme.
Professor Garnaut is saying that 2020 targets for emissions reductions should be 5 per cent, 10 per cent or 25 per cent depending on the level of commitment of the large emitting countries.
This very wide range of potential targets will do nothing to address the growing uncertainty and highly justified fears of Australian business about the “rushed” approach being taken by the Rudd Government.
Australia must have an emissions trading scheme that will achieve carbon reductions without compromising Australia’s future economic sustainability.
Last year's Shergold Report warned that “excessive haste carries great risk.”
The Rudd Government’s indecent haste is already causing serious design flaws, producing quite perverse effects with some of our leading climate change innovators being comprehensively penalised.
Treasury modelling is months overdue. Business is completely in the dark about the cost of the Rudd scheme.
The failure to shed any light on the crucial details for setting and implementing targets, caps, and prices of carbon, is starting to seriously erode confidence and affect business decisions.
Designing a scheme which achieves carbon reductions without compromising Australia’s future economic sustainability requires a considered, balanced, shrewd approach – with a particular eye on international events.
This effective action requires leadership; leadership which so far has been very sadly missing from the Rudd Government.
The Coalition has a vision for Australia where economic growth goes hand-in-hand with a clean environment. This vision must not be compromised by mismanagement.
Media Contact: Stuart Eaton, 0433 298 620