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Nov. 26 (Bloomberg) — Australias government faces a A$14 billion bill to meet its lowest emissions targets if it doesnt implement a carbon price, the Australian Financial Review said, citing a report by the Climate Institute to be released today.
This would be the cost of buying carbon reductions internationally to cut emissions by 5 percent below 2000 levels by 2020, according to the report.
If Australia raises its target to 15 percent, the cost rises to A$18 billion, the newspaper said. A carbon price of A$30 per tonne of emissions rising to A$50 by 2020 would eliminate these costs and raise A$3.6 billion, the report said.
To contact the reporter on this story: Nichola Saminather in Sydney at [email protected]
To contact the editor responsible for this story: Tim Smith at [email protected]
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