$600 million Kyoto slug – thanks, Kevin
Australian Conservative has been warning that, based on the New Zealand experience, Australia was being set up for a massive bill because PM Kevin Rudd signed the Kyoto Protocol.
Mark Henderson looked at the potential cost to Australia for signing something that won’t achieve anything.
Today comes this news from Bloomberg:
Twenty nations including Japan, Italy and Australia may be releasing more greenhouse-gas pollution than they agreed to under the Kyoto treaty to curb global warming.
Australia, which only ratified Kyoto in 2007, will need credits to cover 20.6 million tons a year, at an estimated annual cost of 325 million euros, based on the CER price. Japan, which New Carbon Finance predicts will need 587 million credits, says new energy-efficiency policies will help the nation meet its target.
That’s a price of more than $600 million.
Yet another example of the hard-earned government surplus built up by Messrs Howard and Costello being frittered away by the Australian Labor Party as they spend like drunken sailors.
Look where 13 years of ALP rule in New South Wales has left the once-premier state. The basket case of Australia.
Related stories:
NZ Kyoto experience could be repeated here
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