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July 2014

Below is the annoucnment of an open letter on carbon pricing addressed to the Australian Parliament, signed by some 60 economists.

Economists: Price and limit on carbon pollution needed now
Media release, Monday 7 July 2014

Fifty-nine leading economists united today (Monday) in support of a price and limit on carbon pollution.

In an open letter they urge all Members of Parliament and Senators to work towards lasting agreement on a fair, economically efficient and environmentally effective policy to price and limit carbon emissions.

The group of Australian business and academic economists includes former Liberal Party leader Dr John Hewson, financial sector economist Geoff Weir and Australian professors from universities across the globe.

Dr John Hewson said it is important to get the economics right.

“Australia needs to take substantive, urgent and apolitical action on carbon pricing for the sake of our economy and our environment,” Dr Hewson said.

“The failure of our generation to act will cost future generations dearly.”

Former hedge fund strategist Geoff Weir said all major political parties are on record as accepting the need to reduce carbon emissions, with the debate now being about how best to achieve it.

“Relying on Government advisers and officials to pick the best emerging new technologies is guaranteed to be substantially less efficient, less effective and less equitable than relying on a carbon price to alter incentives,” Mr Weir said.

“Both economic theory and Australia's earlier experience with industry assistance confirm that view.”

Kellie Caught of WWF-Australia said a polluter pays scheme, that puts a price and limit on carbon pollution is the best way for Australia to meet its international commitment to cut emissions by 5-25% by 2020.

“The economics are clear and many of our major trading partners are already pricing carbon, or moving in that direction,” Ms Caught said.

“Australia needs to move forwards, not backwards.”

The text of the letter, and the list of signatories is below:
Download file