Australia should push internationally for a carbon dioxide equivalent concentrations of 450 ppm, committing to greenhouse gas emission reductions of 25 percent on 2000 levels by 2020 and 90 percent by 2050, the Garnaut report recommends.

 

It also urges for a fall back position a 10 percent reduction in emissions by 2020 and an 80 percent reduction by 2050. It adds that Australia should still reduce its emissions by 5 percent by 2020 on 2000 levels, even if negotiations collapse at the Copenhagen summit, the December 2009 United Nations Climate Change Conference that aims to reach a global climate agreement for the period from 2012 when the first commitment period under the Kyoto Protocol expires.

  

The report was comissioned by Australia’s Commonwealth, state and territory governments in 2007. Conducted an led by by the respected Australian economist and professor Ross Garnaut.  It is meant to inform expert authorities in the development of the Carbon Pollution Reduction Scheme, set to begin in 2010. 

 

The report recommended that up to $1 billion be made available for matched funding for investment in reducing emissions in coal power generation, as a form of preemptive structural adjustment assistance.

 

Professor Garnaut said that the overall cost to the Australian economy of tackling climate change under both the 450ppm and 550ppm scenarios was manageable and in the order of 0.1-0.2 per cent of annual economic growth to 2020.

 

The report estimated mitigation costs for 450ppm at almost a percentage point more than 550pmm mitigation of the present value of GNP through the 21st century. The report stated that stronger mitigation is justified by insurance value and non-market value benefits and that the costs of action are less than the costs of inaction.

 

For the full Garnaut report, click here.

 

Criticisms

 

The Australian Chamber of Commerce and Industry has critised the report for the potential negative economic impact of reducing greenhouse gas emissions. Environmental organisations have also piped in, but for not pushing for higher reductions.

 

The Australian Conservation Foundation praised the report for advocating a 450 ppm target, but was critical of Garnaut’s 550ppm second best option of 550ppm and described the 2020 target of 10 percent as weak.

 

Climate Change Minister Penny Wong did not comment directly on the report but said that economic responsibility needed to be considered and that the government would wait for Treasury modelling on climate change mitigation before responding.