Jo Nova has put together an excellent piece on the Labor government’s plan to buy carbon credits overseas to atone for our CO2 sins. Buying air we can’t breathe is essentially like paying someone else to quit smoking on our behalf. How do we benefit?!?
Labor leader Bill Shorten may argue that the cost of doing nothing on climate change is a “charlatan’s argument” but CM costed it yesterday. Our CO2 emissions are equivalent to 0.000016% of the global total. No matter what we do our impact is nothing. What does tokenism get us? Zero. Zip. Nada.
Jo Nova wrote,
“The 35 billion dollars we will spend on these useless, fraud-prone certificates is $35 billion we are taking out of the Australian labor market, or not spending on medicine, books or holidays in Bali. Angus Taylor, Minister for Energy, has noticed that this means $10b less tax will be paid too, which means less money for hospitals and schools.
There’s nothing wrong with payments to foreigners for real goods and services. But carbon credits buy us 0.0001C of theoretical cooling we don’t need and won’t be able to measure 100 years from now. It’s the dumbest deal Australia has ever made. Fraudsters and bankers will love it.”
Carbon credit markets have had a sketchy past. Hackers broke into poorly protected government and corporate carbon registries and swindled €3.7mn. So the credits we might buy to virtue signal may end up being fraudulent.
Carbon trading is a complete scam. As Jo Nova added,
“Independent modelling suggests the 45% emissions target of the Labor party will cost at least $264bn and as high as $542bn by 2030. The Liberal Party will “only” waste $50 – $80b.”
All for absolutely nothing. When the economy tanks our politicians can brag about achieving lower emissions targets quicker because our climate policies will have accelerated the death of industry.