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Australia will ‘move towards’ a domestic emissions trading system no later than 2012; Government to set fuzzy goal, in 2008, says PM

Posted by gmarkets on 20 September, 2007

In an answer to a question in the Federal Senate from Senator Lyn Allison, Senator Eric Abetz said that in response to the emissions trading taskgroup report released on 31 May 2007, Prime Minister John Howard announced on 3 June 2007 that Australia would move towards a domestic emissions trading system no later than 2012, and that the Government would set, in 2008, a long-term aspirational goal for cutting greenhouse gas emissions.

Different models, different results: This target would be set after economic modelling had been undertaken, and following a very careful assessment of the impacts any target would have on Australia’s economy and Australian families. “The Government notes that the modelling commissioned for the states’ discussion paper and the May 2006 report by Frontier Economics indicates a range of possible costs of achieving emissions reductions under certain scenarios. Modelling by other agencies gives different results. For example, modelling by the Australian Bureau of Resource Economics suggests that given somewhat different scenarios costs could be significantly higher,” Abetz said.

Reference: Senator Lynette Fay “Lyn” Allison, Member for Victoria, Leader Australian Democrat, Senator Eric Abetz, Member for Tasmania LP—The Minister for the Environment and Water Resources , Federal Parliament, Senate, Hansard, Wednesday, 8 August 2007. This document is available at http://www.aph.gov.au/hansard

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