The green zombie movement for a carbon treaty took a shambling step forward Down Under this week. The FT has the story:
The Australian government scored a victory in its battle to introduce a carbon tax after measures to combat climate change cleared the lower house of parliament by a tiny margin.Carbon traders and climate activists around the world breathed a sigh of relief that the bitterly contested measures were passed on Wednesday by only two votes. It means another large developed economy is set to join the European Union in putting a price on carbon.
The second paragraph says it all. It might be re-written: “Interest groups welcomed government legislation which will make them richer. While the legislation will have no detectable impact on global climate, it will line the pockets of some wealthy bankers and investors.”Other than well connected investors in the development of the financial infrastructure to support emissions permit trading, the biggest beneficiaries of the new law are likely to be the Australian Opposition, which now has a hot electoral issue in what promises to be a sizzling campaign.The Australian law does not reduce global carbon emissions; it brings the world no closer to a serious carbon treaty, and it doesn’t even look as if it will bring the Australian Labor government any closer to a new mandate. It does, however, make some greens feel very good about themselves, so congratulations to all concerned.