Labor’s climate policy will have 'stultifying' effect on the economy: Government

Prime Minister Malcolm Turnbull’s government has criticised the Labor Party’s claim of reducing net carbon emissions to zero by 2050, calling it a “mad” climate policy.

Opposition Leader Bill Shorten will reveal his complete climate control plan on Friday while addressing the Lowy Institute in Sydney. Labor has doubled the carbon emissions target promised by the Turnbull’s government three months ago on the basis of the advice from federal government experts.

Australia has decided to reduce emissions by 26-28 percent on 2005 levels by 2030. It will be discussing the issue at the International Climate Conference scheduled next week, while Labor aims at cutting the emissions by 45 percent on 2005 levels by 2030. The opposition called Turnbull’s climate policy for Paris as “pathetic.”

The new emissions target to reduce carbon emissions by 2050 as put forth by the opposition will not be finalised until there is a discussion related to the same between Labor and environment-related industries.

Treasurer Scott Morrison blamed Shorten of inviting a carbon tax “with full fury” and called the target an initiative that would stultify the economy. “The Leader of the Opposition is flagging a very high emissions reduction target, over 40 percent. I mean this is the sort of thing the Climate Change Commission said would cost Australians more than $600 billion over a 15-year period,” The Australian quoted Morrison as saying, referring to the tax payments it would initiate.

Industry, Innovation and Science Minister Christopher Pyne called the policy “mad” as it would pose another carbon tax on the Australians. He said that Shorten was trying to paint his image and become “Mr Green” until the next elections.

On the other hand, senior Labor frontbencher Anthony Albanese gave a neutral statement, saying that there would be a consultation between the opposition party and industry aces prior to finalising the target in March 2016, which will establish Labor’s market-based operation. “Business has recognised it is in their interest to move sooner rather than later to a carbon-constrained economy,” the frontbencher told Nine Network.

“The sooner you move the cheaper it is.”

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