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NSW government to Garnaut: this is a high-risk 'step into the unknown'

The NSW government has warned the Garnaut review that emissions trading will be a highly risky "step into the unknown", in a submission that criticises professor Garnaut for not taking proper account of the need to assess and manage the economic risk.

Unless carefully designed, emissions trading, coupled with the Mandatory Renewable Energy Target scheme, could cause "costly economic dislocation and disruption to power supply", the state government's submission to Garnaut says.

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