Australian models say: committing economic suicide now saves money

Early greenhouse move 'favourable for Australia' | theage.com.au

Dr Gruen moved to dispel the view that Australia would be deprived by taking early action on climate change.

"In the scenarios modelled, economic costs to 2050 for early movers are around 15% lower than when everyone acts together, while the costs for late movers are around 20% higher," he said.
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ExxonMobil's director of refining, Glenn Henson, said the modelling relied heavily on the development of carbon capture and storage, which still faced cost and technology barriers.

Mr Henson said for the Government to proceed with the Carbon Pollution Reduction Scheme without any world agreement on emission cuts threatened the long-term viability of the industry.

"A carbon price of $23 a tonne, as suggested in the Treasury modelling, would have a substantial impact on the oil and gas industry," he said. "That effectively erodes 50% of our average earnings over the last seven years; add to that the cost as the carbon price moves towards $50. It would also cut the liquefied natural gas industry by about half."