Monday, July 01, 2013

Happy Birthday Carbon Price

It's one year today since Australia started having a price on carbon - and it looks like it's having the desired effect.

Graphic showing a decrease in carbon emissions and coal use and an increase in renewable energy after a carbon price was introduced

Energy efficiency and cleaner energy combined to bring down emissions by 7.4%. We now consume 13.3% less brown coal and 4.2% less black coal. Renewables were up by significantly. Or to put it simply:

The last comment refers to the naysayers last year who were saying that towns would be wiped off the map, and that a carbon price would be a 'wrecking ball' through the economy. So how has the economy done this past 12 months?

According to Business Spectator, since the carbon price was introduced:
  • Real GDP is up by 2.5% pa
  • 157,400 more people are employed
  • The stock market is up 17% ($205 billion)
  • Wages are increasing by 3% pa
Sounds like a price on carbon has been a great idea. Good on you Australia. Now China is also giving it a go. Let's hope the USA follows too.

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