Business Spectator - Garnaut urges immediate climate action

If Australia chose a "middle-of-the-road" policy, the effects of climate would still cost about 4.8 per cent of gross domestic product, or around $400 billion, by end of the century, Mr Garnaut said in launching his report.

"An effective market-based system will be as broadly based as possible, with any exclusions driven by practical necessity and not by short-term political considerations," the report said.

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