Penny Wong (SA, Australian Labor Party, Minister for Climate Change and Water) Share this | Hansard source

I am aware of the UN report and the EU report—you have referenced both, Senator Boswell. I am not aware of the specific proposal that you reference, from what you say. I may well be, but I may not understand it in the way you describe it. What I can say is that there are a whole range of means by which financing may well be delivered. They do not simply involve public financing. They also necessarily involve private sector financing. That is why the role of carbon markets is so important. The nature of the transformation the world has to make during our lifetime is beyond the capacity of governments alone to fund. That is why policies such as the CPRS and policies internationally that involve the development of carbon markets are so critical. These are issues to be negotiated. And, as I said, I invite the Liberal opposition to take a mature, sensible approach to this issue, because if you want to deal— (Time expired)