True colours? Liberal bid to delay emission trading scheme.

The Australian, Lenore Taylor and Matthew Franklin | June 25, 2008

COALITION frontbenchers are pushing for a delay in the introduction of emissions trading in a move that threatens bipartisan support for the main mechanism to cut greenhouse gases and tackle climate change.

With Labor committed to introducing emissions trading by 2010, several Opposition frontbenchers have told The Australian they favour a delay amid concerns about the potential economic costs of a carbon trading scheme.

But Opposition Treasury spokesman Malcolm Turnbull and climate change spokesman Greg Hunt insisted last night the Coalition would stick with its election commitment of supporting emissions trading by 2011.

Prime Minister Kevin Rudd seized on doubts about the Opposition’s commitment to accuse it of reneging on its pre-election promise to support an emissions trading system.

Under an emissions trading system, polluters such as coal-fired power stations that cannot meet greenhouse gas reduction targets will be forced to buy carbon credits on an open market. This is expected to force the cost of services such as electricity and transport higher as companies adapt to the new environment. Continue reading