Posted 18 May 2011
"The claimed justification is that the ETS levy is an “insurance policy” against the possibility that methane might contribute to a future of dangerous global warming, as the IPCC has theorized. But, as with any insurance, it should not be taken out unless the premium is reasonably commensurate with the risk being hedged. The obvious problem is that nobody can quantify the value at risk, or the cost of the premium, or the the scope of the coverage, or the likelihood of the event. This article deals only with the last of these." - Hon Barry Brill, Coalition chair in Quadrant.