Final Report
The Garnaut report was released on 30 September 2008. The report recommended that Australia push internationally for a carbon dioxide equivalent concentrations of 450 ppm, which would commit Australia to reductions of 25% on 2000 levels by 2020, and 90% by 2050. He also recommended that Australia have a fall-back position of 550 CO2 -e concentration, which would entail a 10% reduction in emissions by 2020, and an 80% reduction by 2050. He further recommended that, should all negotiations collapse at the Copenhagen summit, Australia should still reduce its emissions by 5% by 2020 on 2000 levels.
The report's key recommendation was to implement an emissions trading scheme. However, the report did not recommend free permits be granted to major polluters, or that transport sector be protected by special fossil fuel subsidies or tax excise cuts.
The report also recommended that up to $1 billion should be made available for matched funding for investment in reducing emissions in coal power generation, as a form of preemptive structural adjustment assistance.
Emission reductions from the agriculture and forestry sectors were excluded from the final report.
Professor Garnaut said that the overall cost to the Australian economy of tackling climate change under both the 450ppm and 550ppm scenarios was manageable and in the order of 0.1-0.2 per cent of annual economic growth to 2020.
The report estimated mitigation costs for 450ppm at almost a percentage point more than 550pmm mitigation of the present value of GNP through the 21st century. The report stated that stronger mitigation is justified by insurance value and non-market value benefits in the 21st century and much larger benefits beyond, and that the costs of action are less than the costs of inaction.
Read more about this topic: Garnaut Climate Change Review
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