Independent modelling shows the climate plans of both Labor and the Coalition will act like a wrecking ball on the Australian economy.
The Conservative Party advocates scrapping all renewable energy subsidies and pulling out of the Paris Climate Agreement.
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The Australian reports, Labor's plans for a 45 per cent emissions reduction target and 50 per cent renewables target by 2030 could lead to a 20 per cent loss in economic output from the manufacturing sector, up to a 16 per cent drop in activity in the construction sector and reduced output of more than 60 per cent in the thermal coal sector.
Labor would have to use credits from exceeding Australia’s Kyoto climate change targets to avoid a “proxy” carbon price of almost $700 a tonne.
And the Coalition would also be forced to adopt international trading of carbon permits to avoid a $263 shadow carbon price under its policy of meeting Paris targets and an emissions reduction of 26 to 28 per cent by 2030.
Without trading of carbon permits, modelling shows the economic impact of emissions reduction ranges from $70 billion up to $1.2 trillion by 2030 under the high-cost scenario.
A final peer-reviewed modelling report by former government scientist Brian Fisher, the former head of the Australian Bureau of Agriculture and Resource Economics who served under the Hawke, Keating and Howard governments as a chief adviser on climate policy, will be released today.
Conservatives' leader Cory Bernardi told Adam Peacock on the podcast Peacock Politics, why he is firmly of the belief that climate change alarmism is utter nonsense.
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