Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

There are three propositions in that question. In relation to the third, no, I will not. In relation to the first, I am aware of the report. I note that the report by UBS is in sharp contrast to the opinions of many of the experts, including those who advised the previous government about the best way to tackle climate change. The report is in stark contrast to the advice from economists worldwide, from economists in Australia, from economists inside the Australian Treasury and from Mr Howard's own task group on emissions trading, headed by Dr Shergold, all of which concluded that the most efficient and effective way to reduce emissions is through a price on carbon. I also note that, while it is the case that UBS has put this report out, it has also been responded to by two others: Climate Markets and Investment Association and a Barclays Capital analyst. Both of them take issue with the number of findings in the report.

In relation to the emissions impact that was also referenced in the first part of the question, I make the point that the European Union Climate Commissioner, Connie Hedegaard, had this to say in September:

Greenhouse gas emissions from big emitters covered by the EU ETS have fallen by an average of more than 8 per cent since the start of the system in 2005.

I think there are quite a number of not only commentators but also experts, as well as those who have some responsibility for the scheme, who would take issue with various aspects of the report to which Senator Brandis has referred today.