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BEAUTIFUL. The release of the Garnaut report could not have been better timed. It was dead, dead, dead, before it hit the table.
There is no way even the Rudd Government is going to embrace a policy to destroy the economy, in the wake of this week's disaster on Wall St and the Hill - the US house of Representatives.
There is no way that China and the US are going to agree to slug their economies in recession with punitive policies to send them in even deeper.
At the national level, Malcolm Turnbull would have two choices. Simply to argue for postponement of any emissions scheme, or the more rational and also more opportunistic: to make any reductions by us at the very least conditional on US and Chinese delivered reductions. I would prefer him to take the emissions scheme off the table entirely. To go Churchillian and announce: he does not intend to become the Queens's first minister to preside (that's a word he might like) over the impoverishing of Australia.
The Garnaut report remains like its predecessor, the British Stern report, an uneasy mix of religion married to dodgy economic and statistical analysis.
As Peter Anderson from the Australian Chamber of Commerce and Industry stated, the Garnaut report has "two critical missing links -- the absence of robust economic modelling and the absence of global emissions trading agreements".
See also: Haste on emissions carries great risk (op-ed at the Australian Financial Review)
For my previous postings on the subject, click the Climate Change label below…