Labor to revive ETS

From the AFR:

Labor has confirmed it will take a new emissions trading scheme to the next election, after a damaging leak from its climate change spokesman Mark Butler’s office revealing a new proposal.

Mr Butler said the scheme would look like those operating in the UK, Germany and France, and would not be a carbon tax.

“We will take to the 2016 election an emissions trading scheme, a scheme that will place a legal cap on carbon pollution that then lets business work out the cheapest and the most effective way to operate,” he told reporters on Wednesday morning.

Good for it, though God only knows how it will play with the electorate. Here’s what we can expect from the Murdoch Ministry of Information:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.