Argument for ‘least cost’ emissions policy

Paul Kelly's accurate assessment of the real 'diabolical dilemma'. Read the full article.

"[Overshooting on emissions controls] is a lethal risk for Rudd. His Government is a believer in multilateral idealism and the moral cause of mitigation. The truth, however, is that multilateralism is in serious retreat and idealism in climate change is the fraud of our age. Many senior Australian officials discount the hope of a genuine global agreement …The full success of our policy is beyond our control.

It leads to a final conclusion before the green paper launch: any action taken by Australia must be on a 'least cost basis'. This is the real justification for emissions trading. There is no room for playing politics with mitigating policy, thereby lifting its cost to Australia's economy …"  extract from: The Australian   (emphasis added)