Cutting emissions to 40% below 1990 by 2020 will cost each Canberran $216 or deliver them a net benefit of $82.99, depending on how it's done, according to studies released today by the ACT Government.
The Victorian Government will introduce a bill mandating that the State cut greenhouse gas emissions to 20% below 2000 levels by 2020, give its EPA new powers to regulate greenhouse gas emissions and create a green carbon offsets scheme, says its long-awaited climate change white paper.
Designers of emissions trading schemes seem unable to see the wood products for the trees, NSW government research officer Fabiano Ximenes has told ABARE's Outlook 2008 conference.
Although carbon sink forests are recognised as offsets, no scheme in the world yet recognises carbon stored in timber. Yet research by Ximenes shows much of this carbon remains stored for "at least 100 years". He says Australia's emissions trading scheme should value this major benefit and a new research project could show how to do it.
Premier Paul Lennon yesterday laid out in state parliament a climate change strategy which will see Tasmania become the second Australian state to mandate a 60% emissions cut by 2050 and which will also introduce a state-based carbon offsets scheme.
Meanwhile, the Garnaut Review has put back by one week the release of its emissions trading paper and rescheduled Professor Garnaut's speech on trading.