Today I announced one of the largest and most important structural reforms to our economy in a generation, the introduction of a Carbon Pollution Reduction Scheme.
Climate change is one of the greatest, enduring challenges that we face as a nation and as an international community.
Climate change is nothing less than a threat to our people, our nation and our planet.
We are the first generation to experience the tangible effects of climate change on our planet.
The case for action is clear.
The cost of inaction is equally clear. Our announcement today sets out our medium-term target range: in other words, our 2020 target to reduce carbon pollution.
These targets are appropriate and responsible.
They strike the right balance between tackling climate change and supporting our economy and jobs during this global recession.
Our scheme will start in 2010.
We will put a cost and a charge on carbon pollution which will encourage major polluting businesses to lower their emissions. The funds generated from this charge will be used to help industries that pollute, lower their future emissions.
We will also use the funds raised to invest in the green-collar jobs of the future - in solar energy, on wind farms and in jobs using new technologies like clean coal and geo-thermal energy.
Key to the success of the strategy will be our plans to assist households adjust to the scheme - Australian families won't carry the full cost of climate change.
Over the next couple of days and weeks you will hear lots of different opinions.
I encourage you to read the Climate Change White Paper - or at the very least read “The Carbon Pollution Reduction Scheme and You”, you will find a link here on this website.
I think you will agree we have achieved the right balance. Of course people are going to have different views and we will get attacked from the left and from the right for either not doing enough or for doing too much. That's why its important to get the balance right. Get the balance right for the environment, get the balance right for the economy and jobs.
I wish you and your family a very safe and happy Christmas and all the best for 2009.
A video of this speech is available.
The White Paper Carbon Pollution Reduction Scheme: Australia's Low Pollution Future is available on the Department of Climate Change website.
The Carbon Pollution Reduction Scheme and You is available on the Treasury website.