Massive ice loss in both the Arctic and Antarctic indicate that we are passing important climate tipping points. This mounting evidence of the need for serious solutions to climate change sits as a background to Professor Ross Garnaut’s Review, due to be released in full later this year.
The Garnaut Review, commissioned by state and Commonwealth governments, argues for serious action to be taken at a government level. Amongst a series of suggestions released so far, Garnaut endorses the creation of an Emissions Trading Scheme (ETS) in Australia, something that has been seized on by a number of business commentators and politicians.
Garnaut himself is clear that an ETS will not solve the problem of global warming. Garnaut says: “the creation of an ETS is the most efficient means by which to achieve the mitigation as compared to other market instruments”.