$600 million Kyoto slug – thanks, Kevin « An Honest Climate Debate

....Australia was being set up for a massive bill because PM Kevin Rudd signed the Kyoto Protocol.

Mark Henderson looked at the potential cost to Australia for signing something that won’t achieve anything.
...
Australia, which only ratified Kyoto in 2007, will need credits to cover 20.6 million tons a year, at an estimated annual cost of 325 million euros, based on the CER price. Japan, which New Carbon Finance predicts will need 587 million credits, says new energy-efficiency policies will help the nation meet its target.

That’s a price of more than $600 million.

Yet another example of the hard-earned government surplus built up by messers Howard and Costello being frittered away by the Australian Labor Party as they spend like drunken sailors.