Greg Hunt Endorses NSW Labor’s Carbon Trading
Nice to have Greg Hunt, Shadow Minister for Climate Action and Environment, say this morning on ABC Radio National that:
NSW has arguably the best incentive-based emissions reduction scheme in the world. It’s been highly effective, and it has created certainty.
It was in fact the world’s first carbon trading scheme, launched in January 2003, two years before the European Union Emissions Trading Scheme.
The GGAS scheme works by requiring NSW electricity suppliers to meet targets for reducing or offsetting their emissions. They can meet these targets by surrendering NSW Greenhouse Abatement Certificates which represent one tonne of carbon reduction or sequestration. GGAS has already saved or offset over 90 million tonnes of greenhouse gases since starting in 2003. It is legislated to remain in place until 2020 and beyond, or to the commencement of a national emissions trading scheme.
The then-leader of the state Liberals, Peter Debnam, promised to abolish the scheme at the 2007 state elections.