The Emissions Trading Scheme (ETS) is a government policy designed to reduce greenhouse gas emissions by putting a price on carbon. The scheme works by setting a cap on the amount of carbon that can be emitted by businesses and industries, and then allowing them to trade carbon credits to meet their emissions targets. However, the government has faced criticism for its decisions regarding the ETS, with some arguing that the scheme is not doing enough to reduce emissions and protect the environment.
One of the main criticisms of the ETS is that it is not ambitious enough. The government has set a relatively low emissions reduction target of 26-28% below 2005 levels by 2030, which many experts argue is not enough to prevent catastrophic climate change. Some have called for a more ambitious target of at least 45% below 2005 levels by 2030, in line with the recommendations of the Intergovernmental Panel on Climate Change (IPCC).
Another criticism of the ETS is that it does not cover all sectors of the economy. Currently, only large emitters such as power stations, industrial facilities, and airlines are required to participate in the scheme. This means that emissions from other sectors such as agriculture, transport, and buildings are not being adequately addressed. Critics argue that this is a major gap in the policy and that the government needs to expand the scheme to cover all sectors of the economy.
There are also concerns that the ETS is not doing enough to incentivize businesses to reduce their emissions. The price of carbon credits has been relatively low, which means that there is little financial incentive for businesses to invest in low-carbon technologies or reduce their emissions. Some have called for a higher price on carbon credits to encourage businesses to take action on climate change.
Finally, there are concerns that the ETS is not doing enough to support vulnerable communities and address social justice issues. The cost of carbon credits is ultimately passed on to consumers, which can disproportionately affect low-income households. There are also concerns that the scheme may not adequately address the needs of Indigenous communities and other marginalized groups who are disproportionately affected by climate change.
In conclusion, while the ETS is an important policy tool for reducing greenhouse gas emissions, the government has faced criticism for its decisions regarding the scheme. Critics argue that the ETS is not ambitious enough, does not cover all sectors of the economy, does not incentivize businesses to reduce their emissions, and does not adequately address social justice issues. The government will need to address these concerns if it wants to effectively tackle climate change and protect the environment for future generations.
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