Via Domain comes Economist Ross Garnaut:
…Carryover credits refer to an accounting measure, where a country counts historical emissions reduction that exceeded old international goals against its current target.
Australia will include its carryover credits from its over-achievement on the Kyoto Protocol in its efforts to meet the Paris target. Most countries don’t count their credits, with just Brazil, Russia and the Ukraine potentially following Australia’s lead and arguing at the United Nations international climate talks in Madrid this week for their inclusion.
“Anything that keeps actual emissions in 2030 higher rather than lower will make achievement of the ultimate target more difficult and costly,” Professor Garnaut said.
“That is a good reason why Australia should reduce emissions by much more than 26 per cent to 28 per cent, no matter what the rules are about the use of carryover of credits from earlier targets. The later you take action, the costlier it will be to reach zero emissions by 2050, as agreed at Paris.”
But by then we’ll be able to carry over higher house prices and everything will be OK.