Penny Wong on the Global Economics
The global financial crisis must not be used “as an excuse to give up” efforts to rein in greenhouse gas emissions, Climate Change Minister Penny Wong said in an address last night to the London School of Economics.
‘Future prosperity requires action now’
“It is precisely because of concern about our future economic prosperity that we must address climate change now,” Senator Wong also said developing countries that are major emitters must be prepared to accept binding commitments.
She was talking in the right place because the UK is of a similar mind.
“There will never be an easy time to make the transition to a low-carbon economy. But we know the longer we delay, the higher the costs. And delay inhibits our capacity to grasp the substantial opportunities that will come from making this transition,” she said.
“Delaying action, so that the economy is forced to catch up later to the environmental imperative, will only deliver it a sharper shock down the track,” she said.
“It will be the countries that have moved to implement climate change reforms that will be best placed to deal with the global carbon constraint.”
Wong added that Australia was “well placed” to support developing carbon markets in the Asia-Pacific region.
“We are a regional commercial centre with world-class financial institutions, developed capital markets, a skilled workforce, high standards of corporate, financial and regulatory governance and political stability.
“The potential value of such a hub in Australia could have significant benefits for our economy.”
‘Low share of global emissions doesn’t justify inaction’
Wong said it was “not uncommon” still to hear some in Australia argue there is no point in reducing our emissions because they constitute only 1.5% of total global emissions.
“But let me be clear. This is not the view of our Government.”
“Australia, although responsible for only 1.5% of global carbon emissions in absolute terms, has relatively high per capita emissions.
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