4 July 2008
The draft report of the Garnaut Review was released on 4 July 2008.
The main conclusions of the report are
- An ETS is preferred to a tax or hybrid scheme.
- The ETS could have a transitional phase from 2010–2012
- Permits could be sold at a "low, fixed" price during the transitional phase.
- Spreading the costs across the economy will be achieved by including as many sectors as possible
- Transport should be included in the emissions trading scheme ("ETS").
- Emissions permits should be sold by competitive auction, and not given away or "grandfathered" to polluters.
- Low income households will need compensation.
- Half of the funds collected from the sale of permits can provide compensation for low income families.
- Areas that rely on coal-based power stations will need specific support.
- Australia should lead the way in making carbon capture storage (for example through biosequestration) commercially viable
- A new research council should be set up.
- $3 billion per year or 20% of the revenue raised from auctioning permits (whichever is greatest) should be allocated to low-emissions technology R&D
- The Building Australia Fund should also be used for energy infrastructure.
- Australia should help Asian countries reduce their levels of emissions.
- Energy prices will rise under the scheme and will hit low income households hardest
Read more about this topic: Garnaut Climate Change Review, Draft Report
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