"We won't foot the bill."
In an address to the Committee for the Economic Development of Australia, Mr Gailey said that consumers, households, other businesses, and government should prepare to pay more when business is forced to pass on the additional costs.
He added, “Where costs cannot be passed on and energy efficiencies are not available, business will simply cease to exist if this prevents them from earning an adequate return on their investment. This is a particular risk with trade-exposed, emissions intensive industries."
Was it in May that Kevin Rudd declared that he had done all he physically could to ease the burden on family budgets? Well if the Government has not reached damage control yet, it will soon.
There is common recognition that research leading to existing and future technological solutions holds the key to reducing emissions without restricting economies. This was the theme of the Major Economies Meeting on Energy Security and Climate Change held in Washington last September and attended by representatives from Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, South Korea, South Africa, United Kingdom, the EU, the EC, and the UN. In total, the participating nations represented 85% of the global economy. The gathering effectively initiated a post Kyoto process for agreeing on key elements of the emission problem. The assembly offered an opportunity to discuss the viability of both current and emerging technologies and how best address funding challenges.
See also: Let’s go green