Will Australia's Carbon Tax Cause the Sky to Fall? (October 17, 2011)

ScienceInsider's Australian stringer, Elizabeth Finkel, notes: "A whopping 80% of Australia's electricity comes from burning coal—a figure that surpasses China and most other countries and has made Australia the developed world's highest per capita carbon dioxide emitter. The tax of Australian $23 (U.S. $23.4) per ton of emitted CO₂ would apply to 500 of the biggest-polluting companies, which account for 60% of the country's CO₂ emissions. It would operate over 3 years, increasing 2.5% per year, and segue into a carbon trading scheme in July 2015."

Then citing a short list of statistics:

• by 2020, the tax would have cut emissions by 159 million tons, equating to a 5% emissions reduction,

• Some $24.5 billion (U.S. $24.9 billion) in tax revenues over 3 years would help endow $10 billion (U.S. $10.2 billion) Clean Energy Fund.

Richard Corkish, head of the School of Photovoltaic and Renewable Energy Engineering at the University of New South Wales told Dr Finkel: "It will bring to prominence Australia's special place in the world as an R&D leader in renewable energy technology."

Ah but will the heavens collapse over Oz, that is the coal fired question?