Remind me what the purpose of the carbon tax is. This is from The Economist:
WHILE coal production and use plummet in America, in Europe ‘we have some kind of golden age of coal,’ says Anne-Sophie Corbeau of the International Energy Agency. The amount of electricity generated from coal is rising at annualised rates of as much as 50% in some European countries. Since coal is by the far the most polluting source of electricity, with more greenhouse gas produced per kilowatt hour than any other fossil fuel, this is making a mockery of European environmental aspirations.
And what’s more, the uncertainties created by carbon taxes in Europe are causing utilities to look elsewhere to invest:
Faced with such uncertainties, businesses are doing what you would expect: going elsewhere. Jesse Scott, the head of environment policy at EURELECTRIC, an association of electricity producers, asked European energy utilities which also have an international portfolio where they were expecting to invest over the next few years; 85% replied ‘outside Europe’.
Well it may be outside Europe but it won’t be inside Australia. The sequence of bureaucratic screw ups and policy blunders makes it funny in a macabre sort of way. But that The Economist sides with the environmentalists makes it really not very funny at all.