The government went to Glasgow to sell its net zero emissions by 2050 policy to world leaders. The policy was based on heroic assumptions like green hydrogen becoming the cheapest source of electricity, and solar power, which presently costs $70 per MWh as long as suppliers dictate demand, falling to $15 per MWh.
Now we have the “modelling” ostensibly behind the policies the government took to Glasgow. It projects increased incomes of $2,000 per head by 2050. These increased income levels are pure conjecture involving
• avoidance of a pariah tax by the rest of the world on all Australian borrowings,
• a new array of “critical minerals” that will more than fill the anticipated gap in mining output and exports from a forecast halving of coal. These developments are said to be the result of a wise government gathering taxes and redistributing them to sound ventures that politicians and public servants are uniquely capable of foreseeing.
• further gains from ‘unknown unknowns’ technologies that are even more far-fetched than those identified.
The modelling assumes the beneficial redirections of income, largely comprising the tax and spend of $20 billion are equivalent to a carbon tax of $24 per tonne. Even the green-infused International Energy Agency puts the necessary tax for net zero at $US75 per tonne and more grounded estimates are in the hundreds of dollars.
The government will claim that its policies are better than those being incubated by the ALP. But we already are spending as a nation some $19 billion a year in taxes, regulatory impositions and investments made possible only by those taxes and regulations. Our living standards are being seriously diminished by the drain on our production potentiality from policies actuated by a myth — a myth that insists that without them dangerous climate consequences will follow.
See the entire piece at the Spectator
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