Business Spectator - Garnaut's theorem: E=M-C
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Ross Garnaut, in his much awaited draft report, seeks to turn that argument on its head: Australia has much to lose from even the mildest impacts of climate change. If we want to save our economy, then we need to save our environment first.
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Garnaut says a full assessment of the economic impacts will be made in his "supplementary" draft report, due in late August, which will include modelling from Treasury and suggested emissions reduction targets and trajectories
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Of course, not all generators find themselves in such a predicament. Origin Energy CEO Grant King says he wants an emission trading scheme. That’s because his company has been smart and has seen what’s coming. It has invested heavily in gas resources, which have much lower emissions than coal, and in renewables, particularly wind and geothermal. Not only does King want a carbon price, created by the issuing of permits and other constraints, he wants to ensure it is high enough to achieve the desired reduction in emissions. If heavy emitters such as coal are excluded, then there is no reductions scheme.
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