A reliance on 'carryover credits' to meet an emissions reduction pledge will ultimately cost the economy more than taking decisive climate action, Ross Garnaut says.
Economist Ross Garnaut says Australia's reliance on 'carry-over credits' to meet its international emissions reduction pledge defies the spirit of the Paris agreement and will ultimately cost the economy more than taking decisive climate action.
Carryover credits refer to an accounting measure, where a country counts historical emissions reduction that exceeded old international goals against its current target.Australia will include its carryover credits from its over-achievement on the Kyoto Protocol in its efforts to meet the Paris target., with just Brazil, Russia and the Ukraine potentially following Australia's lead and arguing at the United Nations international climate talks in Madrid this week for their inclusion.
"Within that framework, any technical point about using surpluses from earlier periods towards meeting our national target misses the point. The real point is whether we are on track for zero emissions by 2050."that for the first time forecast Australia was set to over-achieve on its Paris commitment by 16 million tonnes of carbon dioxide emissions , with Kyoto carryover credits.
"Global markets are already shifting away from emissions-intensive goods and services.
"Our commitment is achievable, balanced and responsible, and is part of coordinated global action to deliver a healthy environment for future generations while keeping our economy strong."Australia's carryover credits come from its participation in an international climate agreement to reduce carbon emissions and curb global warming, known as the Kyoto Protocol.
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