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Economic issues in carbon dioxide abatement
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Contrary to many assertions, including those of the Stern report, the costs of reducing emissions of carbon dioxide and other greenhouse gases will be considerable.
Having agreed to meet specific levels of emissions reduction by signing the 1992 Kyoto Convention, many countries have lowered their emission reduction bar by redefining the processes by which emissions might be reducedâ€â€Australia has counted reductions in land clearing as a contribution to its goal. However, almost all countries, like Australia have incurred considerable costs in subsidies to renewables and other measures involving regulating the use of energy and energy using goods.
In spite of these measures and notwithstanding that the first level of cuts is likely to be easiest, signatories to the Kyoto convention have failed to meet the obligations they set for themselves.