OPINION: No Australian government would be prepared to concede the demand for no new coal or gas projects.
and set a 43 per cent target for reducing carbon emissions not backed by legislation, rather than endure weeks of negotiations.
The government has already promised that the target is a floor, not a ceiling – not that anyone had seriously suggested otherwise. And no Australian government would concede the Greens’ demands for no new coal or gas projects.Cutting emissions by 43 per cent on 2005 levels – on the way to net zero by 2050 – will take some doing. Legislating the target may help by settling the political argument and reducing investment uncertainty for the required massive economic transformation.
On the other hand, it is not clear what would happen – who would be punished for breaking the law? – if the emissions cuts across the entire economy came up a bit short. The danger of legislating is that it would invite judicial activism against projects that would make the economic transition more hazardous for investors.So if the Greens want to play hard to get, and the Coalition wants to score political points, the government would not lose much by inviting them to vote the 43 per cent target down.The Australian Financial Review's succinct take on the principles at stake in major domestic and global stories - and what policy makers should do about them.
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