Ross Garnaut makes a strong case for Australia to keep Renewable Energy Target
RET better than carbon pricing, Garnaut tells review http://www.theaustralian.com.au/national-affairs/ret-better-than-carbon-pricing-garnaut-tells-review/story-fn59niix-1226483794496 BY: BRENDAN NICHOLSON From: The Australian September 29, 2012 THE federal government’s former climate change adviser, economist Ross Garnaut, has made a strong case for retention of the Renewable Energy Target in a submission to the Climate Change Authority’s review of the RET scheme.
“The acceptance of the RET by both sides of partisan politics in Australia means that it can now provide a more secure basis than politically contested carbon pricing for emissions-reducing investments in the electricity sector,” Professor Garnaut said.
“We can look forward to the day when carbon pricing is politically secure in Australia, but the reality now is that no Australian
business will take investment decisions on the basis that it is
certain to continue, let alone continue with a carbon price that gives
comparable incentives for abatement to the current carbon pricing
arrangements.”Professor Garnaut said he retained his view that the RET
should be left in place as legislated, but allowed to become redundant
as the carbon price rose across time.
Treasury modelling of the 2011 Clean Energy policy package suggested that the RET would be likely to be made redundant by a rising carbon price in the mid-2020s, he said.
Professor Garnaut said Australia’s greenhouse gas emissions per person were the highest in the developed world while the total greenhouse gas emissions were falling quite rapidly in the rest of the developed world.
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