"Just get it done": public support for tax on fossil exports
Australians want a tax on fossil fuel exports to pay for the costs of climate change, with a new survey finding that half of respondents support a $1 per tonne or more charge.
The federal government puts the annual cost of climate change at $3 billion to $10 billion a year for the next 40 years, and insurers are already counting the costs of now-regular ‘once in a hundred year’ disasters.A $1/tonne levy would generate $1.5 billion annually.
The Australia Institute survey asked 508 people across the political spectrum whether they’d support a $1/tonne tax and 509 people whether they’d support a $20/tonne tax.
A little over half of each group supported both options, whereas one-fifth of people polled opposed them.
“The message from the Australian people is pretty clear: just get it done."
Dr Richard Denniss, Executive Director, The Australia Institute
During a recent National Press Club address, economist Ross Garnaut and ACCC head Rod Sims went even further by calling for a revival of a carbon tax that also includes scope 3 emissions.
They argued for a “carbon solutions levy” on fossil fuel production set at $90/tonne, the same level as Europe’s five-year average, which they say would reap $100 billion a year if brought in from 2030.
This shouldn't create a sovereign risk for investment, given levies or constraints on carbon dioxide emissions have been expected for 23 years.