Tuesday, 27 February 2007
Greenhouse Gas Emissions Trading Scheme
- That the Senate—
- welcomes the call from the electricity sector for a greenhouse gas emissions trading scheme to promote investor confidence;
- notes that:
- the purpose of an emissions trading scheme is to create an economically efficient mechanism to reduce greenhouse gas emissions, and
- notes that international emissions trading is a key mechanism of the Kyoto Protocol;
- rejects the McKibbin-Wilcoxen proposal because it fails to cap greenhouse gas emissions and creates an unacceptable risk that long-term emission permits will be over-allocated; and
- calls on the Government to announce the rules of an emissions trading scheme by 2008, for commencement in 2010.
I seek leave to make a very short statement on behalf of the Democrats on that motion.
I want to indicate that the Democrats were supportive of the majority of that motion but disagreed with (c) on the basis that it was a technical misunderstanding, as we understand it, of the model that is referred to.