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Carbon price of $40-70/t of carbon emitted is neccessary to stem tide of climate change, says Prof Flannery

Posted by gmarkets on 3 September, 2007

Professor Tim Flannery said a price of between $40 and $70 per tonne of carbon emitted was nec­essary to stem the tide of dangerous climate change, reported The Daily Telegraph (23/8/2007, p.7). Aus has to “decarbonise”: “If it’s $70 a tonne we’ll probably [avoid] dramatic change,” he said. This was well above the current and projected price of carbon on the exist­ing European Union carbon market, but a price of between $10 and $20 a tonne “meant nothing”, he said. He said the world, including Austra­lia, needed to rapidly “decarbonise”. “To stay below the dangerous threshold we’ll basically have to decarbonise [in the next 40 years],” he added. In order to achieve this, Australia would need to source 80 per cent of its energy from renewable sources by 2050, he said.

Embarrassment of riches: “We’ve got an embarrassingly large amount of renewable energy,” he said. However, current coal mining and burning practices, mainly to produce electricity, would need to be ditched in favour of clean coal technologies. Coalition backbenchers were accused of being “spoilers” after they ended a year-long inquiry into carbon capture and storage by questioning whether climate change was man-made. Liberals Dennis Jensen, Jackie Kelly and Danna Vale and Country Liberal David Tollner said they disagreed with the idea global warming could be entirely attributed to humans.

The Daily Telegraph, 23/8/2007, p. 7

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