Footnotes
Chapter 1 - Introduction and conduct of the inquiry
[1] Senate Standing Committee
on Industry, Science and Technology, Rescue the Future: reducing the impact
of the greenhouse effect, January 1991. The Senate had referred the matter
to the committee in November 1988.
[2]
Senate Standing Committee on Economics, Exposure draft of the
legislation to implement the Carbon Pollution Reduction Scheme, April 2009
(hereafter CPRS ED Report), p 19.
[3]
CPRS ED Report, p 125.
[4]
CPRS ED Report, p 147.
[5]
CPRS ED Report, p 159.
[6] CPRS ED Report, p
73. A similar point is made in the Coalition senators' dissenting report, which
argued 'many people...would be greatly discouraged if the proposed CPRS
disempowered them, allowing for emitters to benefit from their voluntary
actions rather than the environment'; CPRS ED Report, p 132.
[7]
CPRS ED Report, pp 73-4.
[8]
CPRS ED Report, p 63.
[9]
CPRS ED Report, pp 35-40.
[10]
CPRS ED Report, pp 49 and 58.
[11]
CPRS ED Report, p 9.
[12]
CPRS ED Report, pp 9 and 19.
[13] The Senate Standing
Committee on Economics tabled a report on 16 April 2009 and the Senate Select
Committee on Fuel and Energy tabled a report on 7 May 2009. The Senate Select
Committee on Climate Policy is reporting on 15 June 2009, and has received over
8,000 submissions.
Chapter 2 - The higher conditional target
[1]
Department of Climate Change Fact Sheet, Strengthening Australia's
2020 Carbon Pollution Target, p 1.
[2] Professor Ross Garnaut, Proof
Committee Hansard, 22 May 2009, p 18.
[3]
Uniting Justice Australia, Submission 5, p 1.
[4] Mr John Connor, Chief
Executive Officer, Climate Institute, Proof Committee Hansard,
29 May 2009, p 53.
[5] Mr Iain Murchland, Submission
9, p 1.
[6] Mr Owen Pascoe, Australian
Conservation Foundation, Proof Committee Hansard, 29 May 2009, p 68.
[7] Mr Paul Toni, World
Wildlife Fund, Proof Committee Hansard, 29 May 2009, p 62.
[8]
Dr Peter Burn, Australian Industry Group, Proof Standing Committee on
Economics Hansard, 27 March 2009, p 78.
[9] Mr Michael Hitchens,
Australian Industry Greenhouse Network, Proof Select Committee on Climate
Policy Hansard, 15 April 2009, p 21.
[10]
Australian Industry Greenhouse Network, Submission 39, p 4.
[11]
The Waxman-Markey bill has been approved (by 33-25) by the House of
Representatives Energy and Commerce committee, and has now been forwarded to
other committees.
[12]
The bill has passed a second reading vote and is now before a
parliamentary committee.
[13] Department
of Climate Change Fact Sheet, Strengthening Australia's 2020 Carbon
Pollution Target, p 1.
[14]
Ms Maria Tarrant, Business Council of Australia, Proof Committee
Hansard, 22 May 2009, p 25.
[15]
Mr John Connor, Climate Institute, Proof Committee Hansard, 29 May
2009, p 53.
[16] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p 6.
[17] Uniting Justice Australia, Submission
5, p 1.
[18] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p 6.
[19] CPRS Bill, Explanatory
Memorandum, p 81.
[20]
CPRS Bill, Explanatory Memorandum, p 16.
[21]
CPRS Bill, sections 14(2) and 14(3).
[22]
CPRS Bill, section 14(4).
[23]
CPRS Bill, section 15.
[24]
Prime Minister, Treasurer and Minister for Climate Change and Water, 'New
measures for the carbon pollution reduction scheme', Media Release, 4 May 2009.
Chapter 3 - Response to business concerns
[1] Hon Greg Combet MP,
Parliamentary Secretary for Climate Change, Proof House
of Representatives Hansard, 14 May 2009, pp 10-11.
[2] Mr Salim Mazouz, Director,
EcoPerspectives, Proof Select Committee on Climate Policy Hansard, 20
May 2009, p. 45.
[3] Senator the Hon Penny
Wong, Media Release PW 86/09, 'Defining emissions intensive industries
under the Carbon Pollution Reduction Scheme, 1 April 2009, http://www.environment.gov.au/minister/wong/2009/mr20090401.html,
viewed 1 June 2009.
[4] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p. 7.
[5] Styles, Jule &
Talberg, Anita, Parliamentary Library Briefing Note, 'Budget 2009-10: Climate
Change and Energy', https://www.aph.gov.au/library/pubs/RP/BudgetReview2009-10/Climate_Energy.htm,
viewed 1 June 2009.
[6]
Productivity Commission, Trade Assistance Review 2007-08, 27 May
2009, p. 109. This is a similar view to that put in R Garnaut, The Garnaut
Climate Change Review, 2008, (hereafter Garnaut Review).
[7]
Dr Brian Fisher, Proof Committee Hansard, 29 May 2009, p 44.
[8] Dr Alan Moran, Proof
Committee Hansard, 22 May 2009, p. 30.
[9] Sir Nicholas Stern, A
Blueprint for a Safer Planet, 2009, p 164.
[10] Dr Richard Denniss,
Executive Director, The Australia Institute, Proof Select Committee on
Climate Policy Hansard, 20 May 2009, p. 51.
[11] Mr John Connor, Climate
Institute, Proof Committee Hansard, 29 May 2009, p 59.
[12] Mr Owen Pascoe, Australian
Conservation Foundation, Proof Committee Hansard, 29 May 2009, p 72.
[13]
Mr Paul Toni, World Wildlife Fund, Proof Committee Hansard, 29 May
2009, p. 64.
[14] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p. 5.
[15]
CPRS ED Report, p. 70.
[16]
Carbon Pollution Reduction Scheme: Australia's Low Pollution Future,
December 2008 (hereafter White Paper), p 9-4.
[17]
Australian Government, The Carbon Pollution Reduction Scheme and You,
2008.
[18] The MCA gave the example of
Eileen Claussen of the Pew Centre on Global Climate Change in this context.
[19] Dr Brian Fisher, Chief
Executive Officer, Concept Economics, Proof Committee Hansard, 29 May
2009, p. 45.
[20] Mr Mitch Hooke, Chief
Executive Officer, Minerals Council of Australia, Proof Committee Hansard,
29 May 2009, p. 34.
[21] As Sir Nicholas Stern puts
it, 'auctioning is superior to free allocations...it raises revenue for the
government. Giving away that revenue as transfers to firms through free
allowances would be a peculiar and inegalitarian use of public money'; A
Blueprint for a Safer Planet, 2009, p 108.
[22] As Stern comments, 'The
argument for temporarily free allocations, or for phasing in the auctioning of
permits – that they help with the adjustment process...has more
substance'; A Blueprint for a Safer Planet, 2009, p 108.
[23]
White Paper, p. 9-3.
[24]
Sir Nicholas Stern, A Blueprint for a Safer Planet, 2009, p 108.
[25] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Legislation Committee on
Finance and Public Administration Hansard (Estimates), 29 May 2009, p. 24.
[26] Mr Peter Burn, Director
Policy, Australian Industry Group, Proof Committee Hansard, 29 May 2009,
p. 13.; Ms Maria Tarrant, Director, Policy, Business Council of Australia, Proof
Committee Hansard, 22 May 2009, p. 13.
[27] Proof Committee Hansard,
29 May 2009, p. 16.
[28]
Rio Tinto, Submission 23, p. 7.
[29] ConocoPhillips, Submission
26, p. 4.
[30] Caltex Australia, Submission
27, p. 2.
[31] Investor Group on Climate
Change, Submission 41, p 3.
[32] Ms Elaine Prior, Director
and Senior Analyst, Citi Investment Research, Proof Select Committee on
Climate Policy Hansard, 20 May 2009, p. 84.
[33] Mr Paul Toni, World
Wildlife Fund, Proof Committee Hansard, 29 May 2009, p 66. The
literature survey, 'Falling prices: cost of complying with environmental
regulations almost always less than advertised' shows that in eleven of twelve
the initial estimates of compliance costs were more than double the actual
costs.
[34]
Uniting Justice Australia, Submission 5, p. 3.
[35]
Mr John Hepburn, Coordinator, Climate and Energy Campaign, Greenpeace
Australia Pacific, Proof Select Committee on Climate Policy Hansard, 20
May 2009, p. 21.
[36]
Mr Owen Pascoe, Australian Conservation Foundation, Proof Committee
Hansard, 29 May 2009, p. 68.
[37]
Climate Action Network Australia, Submission 2, p.1.
[38]
Professor Ross Garnaut, Proof Committee Hansard, 22 May 2009, p.
15.
[39]
Professor Ross Garnaut, Proof Committee Hansard, 22 May 2009, p.
18.
[40]
CPRS Bill 2009 Explanatory Memorandum, pp 252-4.
[41]
Mr Owen Pascoe, Australian Conservation Foundation, Proof Committee
Hansard, 29 May 2009, p. 73.
[42]
Mr Blair Comley, Deputy Secretary, Department of Climate Change, Proof
Committee Hansard, 22 May 2009, p. 10.
[43]
Proof Committee Hansard, 22 May 2009, pp 40-41.
[44]
Bluescope Steel/OneSteel, Submission 10, p. 2.
[45]
Mr Blair Comley, Deputy Secretary, Department of Climate Change, Speech to
APPEA conference and exhibition, http://www.climatechange.gov.au/media/2009/pubs/Comley_APPEA.pdf,
viewed 3 June 2009, pp 9-10.
[46]
Bluescope Steel/OneSteel, Submission 10, p. 2.
[47] Ms Maria Tarrant, Business
Council of Australia, Proof Committee Hansard, 22 May 2009, p. 25.
[48]
Carbon Pollution Reduction Scheme Bill 2009 Explanatory Memorandum,
p. 119.
[49]
Mr Blair Comley, Deputy Secretary, Department of Climate Change, Proof
Select Committee on Climate Policy Hansard, 20 May 2009, p. 13.
[50]
Department of Climate Change, National Greenhouse Gas Inventory 2006,
2008, p. 14.
[51]
White Paper, p. 6-37.
[52]
White Paper, p. 6-33
[53] Australian Landfill Owners
Association, Submission to Senate Economics Committee inquiry into the
exposure draft of the legislation to implement the Carbon Pollution Reduction
Scheme (Submission 50), pp 2-3.
[54] CPRS Bill 2009, Explanatory
Memorandum, p. 39.
[55]
Department of Climate Change, 'Summary: Key Changes to the Carbon
Pollution Reduction Scheme Legislation,' May 2009, p. 3, http://www.climatechange.gov.au/emissionstrading/legislation/pubs/summary_changes_to_exposure_draft_bills.pdf,
viewed 27 May 2009.
[56] Hon Greg Combet MP, Parliamentary
Secretary for Climate Change, Media Release GC 03/09, 'Coverage of landfill
under the CPRS', 14 May 2009
[57] Ms Heather Ridout, Chief
Executive, Australian Industry Group, Media Release, 'CPRS landfill waste
changes a victory for common cause,' 14 May 2009.
[58] Australian Local Government
Association, Media Release, 'ALGA applauds removal of legacy waste from CPRS,' http://www.alga.asn.au/newsroom/media/2009/20090514.php,
viewed 28 May 2009.
[59] Mr Max Spedding, Secretary,
Australian Landfill Owners Association, Proof Committee Hansard, 29 May
2009, p. 2.
[60] Mr Max Spedding, Secretary,
Australian Landfill Owners Association, Proof Committee Hansard, 29 May
2009, p. 16.
[61] Mr Max Spedding, Secretary,
Australian Landfill Owners Association, Proof Committee Hansard, 29 May
2009, pp 5-6.
[62]
White Paper, p. 15-9.
[63]
Once the initial capital cost has been repaid, the business keeps the
ongoing cost savings from its investment.
[64]
Department of Climate Change, 'Summary: Key changes to the Carbon
Pollution Reduction Scheme legislation,' May 2009, p. 1, http://www.climatechange.gov.au/emissionstrading/legislation/pubs/summary_changes_to_exposure_draft_bills.pdf,
viewed 27 May 2009.
[65] BP Australia, Submission
19, pp 3-4.
[66] Energy Supply Association
of Australia, Submission 30, pp 11-12.
[67] Woodside Petroleum, Submission
28, p. 4.
[68] Caltex Australia, Submission
27, p. 7.
[69] Rio Tinto, Submission 23,
pp 2-3; Woodside Petroleum, Submission 28, p. 5.
[70] ConocoPhilips, Submission
26, p. 3; Australian Petroleum Production & Exploration Association, Submission
33, p. 13.
[71] Leighton Holdings, Submission
18, pp 3-4.
Chapter 4 - Voluntary action
[1]
CPRS ED Report, Chapter 8.
[2]
In other words, it is not principally motivated by financial cost.
[3] See Dr Richard Denniss,
'Fixing the floor in the ETS: The role of energy efficiency in reducing
Australia's emissions', Research Paper No. 59, The Australia Institute,
November 2008. Several submissions to the Senate Economics Committee's inquiry into
the Exposure Draft also identified this issue as a problem. See submissions 3,
5, 21, 33, 35, 42, 49, 52, 55, 74, 79, 82, 84, 87, 93, 97, 107, 110, 111, 112,
116 and 122 of the CPRS ED Report.
[4]
Choice, Submission 31, p 3.
[5]
The Hon. Penny Wong, 'ETS is better than a tax', The Australian,
23 February 2009, p. 8.
[6]
Carbon Pollution Reduction Scheme Bill, Exposure Draft, Clause
14(5)(c)(iv).
[7]
Carbon Pollution Reduction Scheme Bill, Exposure Draft,
Commentary, p. 88.
[8]
Media Release, Hon Penny Wong, 7 June 2009,
http://www.environment.gov.au/minister/wong/2009/pubs/mr20090607.pdf
[9] CPRS ED Report, pp.
73–74.
[10] Mr Barry Sterland,
Department of Climate Change, Proof Committee Hansard, 22 May 2009, p.
2.
[11] Carbon Pollution
Reduction Scheme Bill 2009, sections 14 and 15.
[12] Dr Martin Parkinson, Proof
Economics Committee Hansard, 18 March 2009, p. 21. CPRS ED Report,
p. 70. See also Department of Climate Change, Answers to Questions on Notice.
[13] Adjunct Professor Alan
Pears, Submission to the Green Paper, 2008, p. 4. CPRS ED Report,
pp 71 and 73.
[14] Dr Richard Denniss, 'Fixing
the floor in the ETS: The role of energy efficiency in reducing Australia's
emissions', Research Paper No. 59, The Australia Institute, November
2008, p. 9.
[15] Dr Denniss has suggested
such a system with a fixed exchange rate of less than one for one between CPRS
emissions permits and the proposed secondary permits for household reduction.
He has argued that if two tonnes of household emissions are exchanged for one
tonne of CPRS permits, the action of individual households would have a
demonstrable effect on the overall level of greenhouse gas emissions nations.
Dr Denniss emphasises that the key in establishing a secondary market is to
'ensure the accuracy of the measurement of both the baseline and the
discretionary reductions in energy use that can be attributed to the actions of
a household'. He suggests using historic data from household electricity bills but
concedes that the accuracy of estimates of emissions reductions 'is unlikely
ever to match the accuracy of the measurement of emissions from the burning of
fossil fuels'. 'Fixing the floor in the ETS: The role of energy efficiency in
reducing Australia's emissions', Research Paper No. 59, The Australia
Institute, November 2008, p. 10.
[16] Centre for Energy and
Environmental Markets, 'The possible role of an Additional Action Reserve (AAR)
in the CPRS to facilitate additional voluntary and policy efforts to reduce
emissions', Concept Note, p. 1. See also Dr Regina Betz, Proof Senate
Economics Committee Hansard, 27 March 2009, p. 118.
[17] As noted in Chapter 3, the
Pledge Fund forms part, along with the Energy Efficiency Trust, of the
Australian Carbon Trust.
[18] 'GreenPower now in 10 per
cent of Australian homes', GreenPower News, 28 February 2009, http://www.greenpower.gov.au/admin/file/content13/c6/GreenPower28.pdf
(accessed 22 May 2009).
[19] The Hon. Kevin Rudd,
'Helping all Australians do their bit on climate change', Media Release,
4 May 2009.
[20] Explanatory Memorandum,
p. 80.
[21] For example, the
submissions to that inquiry from the Total Environment Centre and Greenfleet.
[22]
Choice, Submission 31, p 4.
[23] CPRS ED Report, p.
73.
[24] Explanatory Memorandum,
pp 80–81.
[25]
Explanatory Memorandum, p. 81.
Chapter 5 - Deferral of operation
[1]
Prime Minister, Treasurer and Minister for Climate Change and Water,
'New measures for the carbon pollution reduction scheme', Media Release, 4 May
2009.
[2] The IMF's April 2008 World
Economic Outlook has projections to 2013 and the April 2009 issue out to
2014. In both cases the forecasts have settled down to around 4.8 per cent
growth in the final projection years and this growth rate is assumed to
continue to 2020 in the chart. The CO2 emissions exclude those due
to land use change and forestry. The units used in the chart are billions of
1990 (international Geary-Khamis) dollars for GDP and millions of tonnes for CO2
emissions.
[3] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p. 7.
[4]
Professor Ross Garnaut, Proof Select Committee on Climate Policy
Hansard, 16 April 2009, p. 45.
[5]
Mr Paul Toni, World Wildlife Fund, Proof Committee Hansard, 29
May 2009, p. 62.
[6]
Leighton Holdings, Submission 18, p 1.
[7] BP Australia, Submission
19, p 3.
[8]
Intergen (Australia), Submission 11, p 1.
[9] Caltex Australia, Submission
27, p 2.
[10] Hydro Tasmania, Submission
25, p 3.
[11] Carbon Markets and
Investors Association, Submission 34, p 3.
[12] Mr Brian Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard,
22 May 2009, p. 7.
[13] Ms Maria Tarrant, Business
Council, Proof Committee Hansard, 22 May 2009, p. 19.
[14] BP Australia, Submission
19, pp 1-2.
[15]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p. 13.
[16]
Origin Energy, Submission 32, p 1.
[17]
Mr John Connor, Proof Committee Hansard, 29 May 2009, p. 57. The
former government's Prime Ministerial Task Force on Emissions Trading (the
'Shergold report'), 2007, concluded 'However, waiting until a truly global
response emerges before imposing an emissions cap will place costs on Australia
by increasing business uncertainty and delaying or losing investment. Already
there is evidence that investment in key emissions-intensive industries and
energy infrastructure is being deferred' (p. 6).
[18]
CSR, Submission 6, p 1.
[19]
CO2 Group, Submission 37, p 2.
[20]
Investor Group on Climate Change, Submission #, p 1.
[21] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p. 4.
[22] Dr Brian Fisher, Proof
Committee Hansard, 29 May 2009, p 48.
[23]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p 15.
[24] Professor Ross Garnaut, Proof
Committee Hansard, 22 May 2009, p. 15.
[25] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p. 8.
[26]
Mr John Connor, Climate Institute, Proof Committee Hansard, 29 May
2009, p 54.
[27]
Mr Owen Pascoe, Australian Conservation Foundation, Proof Committee
Hansard, 29 May 2009, p 68.
[28]
Dr Alan Moran, Institute of Public Affairs, Proof Committee Hansard,
22 May 2009, pp 30 and 34.
[29]
Professor Ross Garnaut, Proof Committee Hansard, 22 May 2009, p.
16.
[30]
Mr Daniel Price, Chief Executive, Frontier Economics, Proof Committee
Hansard, 22 May 2009, p. 35.
[31]
Mr Daniel Price, Proof Committee Hansard, 22 May 2009, p .35.
[32]
Garnaut Review, p 350.
[33]
Mr Peter Burn, Proof Committee Hansard, 29 May 2009, pp 23–24.
[34]
Mr Paul Toni, Proof Committee Hansard, 29 May 2009, p. 64.
[35]
Mr Owen Pascoe, Proof Committee Hansard, 29 May 2009, pp 68 and 73.
[36]
Ms Meghan Quinn, Treasury, Proof Committee Hansard, 22 May 2009, p.
8.
[37]
Ms Fiona Wain, Proof Select Committee on Climate Policy Hansard, 15
April 2009, p. 47.
Chapter 6 - Conclusions
[1] The joint statement by the
academies, led by the Royal Society, can be found in Science, 18 May
2001, p. 1261.
[2]
Garnaut Review, p xviii.
[3]
Uniting Justice Australia, Submission 5, p 1.
[4]
CPRS ED Report, p 1.
[5]
Prime Ministerial Task Force on Emissions Trading, Final Report,
(the 'Shergold report'), 2007, p. 9.
[6]
Garnaut Review, p 311.
[7] Mr Peter Burn, Australian
Industry Group, Proof Committee Hansard, 29 May 2009, p 16.
[8] Mr Blair Comley, Deputy
Secretary, Department of Climate Change, Proof Committee Hansard, 22 May
2009, p 4.
[9] The Economics of
Climate Change: the Stern Review, Cambridge University Press, 2007, p xv.
[10] Garnaut Review, p
xxv.
[11]
Garnaut Review, p 268.
[12] Treasury, Australia's
Low Pollution Future: The Economics of Climate Change Mitigation, October
2008, p. xi.
[13]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p 17.
[14] Mr Mitch Hooke, Chief
Executive, Minerals Council of Australia, The Australian, 22 May 2009,
p 12.
[15] Minerals Council of
Australia, Media Release, 22 May 2009.
[16]
Mr Daniel Price, Managing Director, Frontier Economics, Proof Committee
Hansard, 22 May 2009, p 36.
[17] Mr Mitch Hooke, Chief
Executive, Minerals Council of Australia, Proof Select Committee on Climate
Policy Hansard, 22 April 2009, p. 27. Mr Hooke from the Minerals Council
described the 'business as usual' case in the modelling as 'pretty damned
close' to this; Proof Committee Hansard, 29 May 2009, p 50.
[18]
Mr Mitch Hooke, Chief Executive, Minerals Council of Australia, Proof
Committee Hansard, 29 May 2009, p 51.
[19] Also ignored in the
modelling commissioned by the Minerals Council are the jobs created by the
payments to households in excess of the increase in their electricity and gas
bills. Slower growth in the minerals sector is also likely to be associated
with an exchange rate depreciation (the 'Gregory thesis' in reverse) which will
increase rural and manufacturing exports and hence employment in these
industries.
[20]
Prime Ministerial Task Force on Emissions Trading, Final Report,
(the 'Shergold report'), 2007, p. 6.
[21]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p 15.
[22]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p 17.
[23]
Mr John Connor, Chief Executive Officer, The Climate Institute, Proof
Committee Hansard, 29 May 2009, p 53.
[24]
Australian Bankers' Association, Submission 45, p 4.
[25]
Australian Bankers' Association, Submission 45, p 4.
[26]
Mr Peter Burn, Australian Industry Group, Proof Committee Hansard,
29 May 2009, p 21.
Minority Report by Senator Nick Xenophon
[1] Garnaut, R., The
Garnaut Climate Change Review: Final Report, (2008) Commonwealth of Australia,
pp 287-290
[2] The imperative of global action, particularly for poorer countries, is underlined by David Wheeler in "Another Inconvenient Truth: A Carbon-Intensive South Faces Environmental Disaster, No Matter What the North Does", Center for Global Development, Working Paper Number 134, December 2007. Wheeler’s modelling suggests that even if rich countries emissions were reduced to zero, current emissions trends in poor countries would still place the world on course for serious climate change impacts.
[3] Parliamentary Library Vital Issues Seminar, "Carbon tax and emissions trading", 17 March 2009, audio available at:
https://www.aph.gov.au/library/pubs/vis/index.htm
[4] Dr Frank Jotzo, Proof Committee Hansard,Exposure drafts of the legislation to implement the Carbon Pollution Reduction Scheme, 19 March 2009, p 36.