|Your choice: A tonne of CO2 or a Pizza.|
The tax will REDUCE Australia's tax base due to less businesses; cause unemployment and hardship; and reduce Australia's competitiveness in world markets. At the same time, Climate Change Minister has promised that Australia will give the UN billions under the Green Climate Fund (LINK.)
Australia will start the carbon tax at $23/tonne and prices are to increase year after year. Meanwhile, European prices for a "tonne of carbon trades at the price of a pizza."
Gulfnews.com reports that "Low carbon prices (are) killing the planet."
Climate negotiators meeting in South Africa this week face fresh worries over saving the planet from global warming now that a tonne of carbon trades at the price of a pizza.
A European steel plant producing a tonne of steel pays as little as $12 for the resulting carbon emissions, spelling trouble for Europe's carbon emissions trading scheme, the world's largest.
At those prices, there is little incentive for industry to lower its carbon output, meaning one of Europe's major tools in fighting climate change is broken.
Analysts say carbon prices would need to return to 2008 levels in order start making a difference. "Given current commodities prices, we would need €20 ($A27) a tonne to achieve a significant emissions reduction," said Per Lekander, an analyst at UBS.
"I look at the price in the morning and don't want to get out of bed," said a London-based emissions trader.
London is the EU carbon market's hub, with traders, brokers, power generators and project originators responsible for the bulk of trade. But with carbon prices down more than 50 per cent since June, some have decided to cut their losses and have left the market.
Will the carbon (dioxide) tax kill Australia or kill the planet? Or perhaps it will kill the greedy pushers ....er.. sorry, the brokers.