George Brandis (Queensland, Liberal Party, Shadow Attorney-General) Share this | Hansard source

My question is to the Minister representing the Minister for Climate Change and Energy Efficiency, Senator Wong. Is the minister aware that a recent report by UBS concluded that Europe's emissions trading system that has cost consumers $287 billion has had 'almost zero impact' on cutting emissions? Is the minister also aware that the report concluded that Europe's ETS had provided windfall profits to market participants which have had to be paid for by electricity customers? Will the minister now admit what European consumers now know—that a carbon tax is all economic pain with no environmental gain?