So, Australia got that sweet Kyoto deal (108% ‘reduction’ target, land-clearing loophole) and signed the Protocol in April 1998 (as distinct from ratifying). In September 1998 it emerged that the Cabinet had agreed it wouldn’t ratify until/unless the USA did. But that (sort of) depended on whether the next POTUS was a Democrat (Gore) or a Republican (Bush? McCain? nobody knew at this stage).
The Australian Greenhouse Office was producing reports about emissions trading and how it could work in Australia. Not everyone was happy at the prospect. So, the Victorian government of Jeff Kennett commissioned a report on (domestic) emissions trading and its implications for Victoria. It was released on March 9.
On March 9 a report on emissions trading by Allen Consulting was released to the Victorian Government. Modelling various scenarios but excluding the effect of international trading, the report put the cost on carbon in the range of $42 to $148 a tonne.
Analysts point out that an international carbon market is inevitable, and that this will considerably reduce the price of carbon. Let’s hope it does. The Allen report also predicted percentage point declines in national GDP and employment.
Hordern, N. 2000. Greenhouse gas and the high price of hot air, The Australian Financial Review, 29 March, p.18.
Another account [2000 Anon. 2000. Greenhouse emission trading plan too expensive – Aust report. Australian Associated Press, 10 March] says the report claims the scheme would be too complex and we should wait…“On balance, we do not support the imposition of a mandatory domestic emissions trading system in Australia…..The costs of permits under such a system may well be higher than those incurred later under an international system and could, therefore, lead to an unnecessarily high adjustment burden.”
The sky is always gonna fall… Thank goodness we didn’t take action on climate change almost 20 years ago. I mean, it all has turned out to be a hoax, and we might have damaged The Economy. THEN where would we be?
Also on this day –
In my contribution to the debate on the Appropriation Bill (No. 3) 2004-2005, the Appropriation Bill (No. 4) 2004-2005 and the Appropriation (Parliamentary Departments) Bill (No. 2) 2004-2005, I want to concentrate my remarks on the Howard government’s reckless environmental policies and the impact that they are having on our way of life and the kinds of jobs and the economy that we will be leaving to our children and grandchildren. It is no exaggeration to say the government’s policy on climate change places at risk many things Australians take for granted: our fantastic beaches, waterways and forests; our abundant food stocks and natural resources; and, of course, our fantastic climate, which is the envy of the world.
…. I believe that climate change is the greatest environmental threat to the world. Left unchecked, climate change and general environmental degradation have the potential to cripple economies and radically alter human existence on the planet.
He’s been on the climate thing for a long long time. Who knows, maybe he’ll be the first Australian prime minister to deliver something that can stick. #paralleluniverse