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Australia Climate Adviser: Scheme Need Not Boost CPI |
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| AUSTRALIA: October 1, 2008 | ||
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CANBERRA - Australia's 2010 carbon emissions scheme would not be inflationary if permit revenue was used to offset increased costs, the government's top climate adviser said in his final report on the scheme released Tuesday.
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Ross Garnaut also said the Australia should allocate A$1 billion to the power industry, dominated by coal-fired generators, to help it adjust to the emissions scheme. He stood firm on a recommendation in an earlier report that no free trading permits be issued to industry. Ross Garnaut handed his report to Prime Minister Kevin Rudd, who has promised to introduce an emissions trading scheme, recasting Australia's US$1 trillion economy, to lower its carbon output. Garnaut has already recommended Australia should aim to cut emissions by at least 10 percent by 2020, or by up to 25 percent if the government opts for a tougher target. He has said carbon be sold for an initial A$20 (US$15) a tonne from 2010, with only marginal increases for the first two years to help business adjust. (US$1=A$1.25) (Reporting by Rob Taylor)
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REUTERS NEWS SERVICE
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