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

I withdraw.

The fact of the matter is that the scheme that started in Shenzhen overnight covers about 600 companies responsible for about 40 per cent of their greenhouse gas emissions. It is important that the House be aware that China intends to launch further emissions trading schemes like this in this year in places like Beijing, Tianjin and Shanghai.

Mr Hockey interjecting—

I am asked by the member for North Sydney for the price. I understand the units traded for about $5 overnight compared to an Australian business that is emissions intensive and trade exposed experiencing an effective carbon price of just $1.30 a tonne. That is the price you should be comparing it to. The economics of it is a bit complex, and I know the member for North Sydney struggles with numbers, but he tries his best.

Really, the claims of the Leader of the Opposition about the action taken by China are ridiculous. He said, 'China is never going to hit themselves with an emissions trading scheme'—absolutely wrong. More mendacious claims. The fact of the matter is that the rest of the world is tackling climate change, Australia is working with them and we will remain committed to it. You are looking increasingly silly. (Time expired)

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