Greg Combet (Charlton, Australian Labor Party, Minister for Climate Change, Industry and Innovation) Share this | Hansard source

I thank the member for Moreton for his question because, as the House heard earlier, overnight China started its first emissions trading scheme to reduce carbon pollution in the large southern city of Shenzhen. It is an extremely important development. They have started an emissions trading scheme. They have introduced carbon pricing into their economy. Carbon pricing in China. The Leader of the Opposition said it would never happen—no way in the world. After his insightful visits to China, he really got a good word, really got an insight into what was going on! Yet again the Leader of the Opposition is totally wrong. How humiliating to go visit our No. 1 trading partner, spread mendacious rubbish about their plans, tout that to the Australian community and deceive them.

The fact of the matter is that China is introducing emissions trading schemes to put a price on carbon. Like Whyalla, Shenzhen city has not been wiped off the map. I am reliably advised that Shenzhen is doing just fine today. The lights are on. People are going to work. People are going to shop for groceries. There have not been unimaginable price increases. In fact, I am reliably informed the price of a roast duck has not skyrocketed to $100 as some fool like Senator Barnaby Joyce might have predicted. This is extremely important. The stock market has not crashed either. In fact, the stock market closed up on the first day of emissions trading.

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