Fifteen years ago, on this day, August 12th, 2009, the climate wars continue…
A leading global authority on carbon trading has questioned the claimed cost savings of the hybrid emissions trading model being considered by the federal opposition.
Deutsche Bank’s global head of carbon markets, Mark Lewis, said international experience suggested Frontier Economics was wrong to say its model would result in much smaller electricity price increases than would occur under the Rudd government’s proposed ETS.
Breusch, J. 2009. Doubts over emission cost savings. The Australian Financial Review, 12 August, p. 6.
The amount of carbon dioxide in the air was roughly 388ppm. As of 2024 it is 424ppm, but check here for daily measures.
The context was that the Liberals, then led by Malcolm Turnbull, were trying to offer an alternative to Kevin Rudd CPRS. But of course, it had to be distinct enough and therefore far enough from accepted economic practice norms. Which meant that outfits like Deutsche Bank would be compelled to say it’s crap.
What we learn is that when there is a consensus around what is “economically efficient,” then bucking that will open you up to all sorts of attacks. And so it came to pass.
What happened next? I don’t know if the Libs put Deutsche Bank on a blacklist or anything. But what’s interesting is that during the white heat of the climate wars (2010 to ‘13). various consultancies played as dead as they could for fear of missing out on future government contracts.
What do you think? Does this pass the ‘so what?’ threshold? Have I got facts wrong? Interpretation wrong? Please do comment on this post, unless you are a denialist, obvs.
Also on this day:
August 12, 1970 – US Senate warned about climate change
August 12, 1990 – Channel 4 shows crackpot documentary “The Greenhouse Conspiracy”