In an editorial today, The Australian asks some very awkward questions about the economic realities of the ETS, and the global socialism that climate change is advancing:
BOTH domestically and internationally, the price that could be demanded from Australians for our part in cutting greenhouse gas emissions is emerging from a sea of red ink. Earlier estimates suggested that an emissions trading scheme would reap a profit of between $11 billion and $20bn by 2020. Now we learn from the Mid-Year Economic and Fiscal Outlook that the scheme is likely to lose money over the next five years. The second reality check was the European Union’s call for industrialised nations to contribute $160bn per annum by 2020 to help developing nations tackle climate change.
The shortfall in ETS revenue makes the prospect of a deal between the Rudd government and the Coalition less likely. It will be impossible to pay for Malcolm Turnbull’s proposed amendments to Labor’s ETS from funds generated through emission permit sales. A fortnight ago, an analysis by Riskmetrics and Innovest Strategic Value Advisors gave an idea of what the Coalition amendments could cost. It found that the amendments could turn an estimated $777 million net surplus in its first year into a $1.8bn deficit.
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After years of inflated expectations of what can be achieved in curbing carbon, it is clear that any deal that would make an appreciable difference in emissions levels will be costly. As a responsible global citizen, Australia should play its part. But we have no obligation to join any push to use climate change to redistribute global wealth to assuage the consciences of climate change billionaire Al Gore and social campaigners such as Bono, whose carbon footprints far exceed those of the ordinary Australian taxpayers they expect to foot the bill.
Read it here.
Australian Climate Madness 
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