There is a simple and easy mechanism to meet the Copenhagen targets. You may be aware that Australia met its Kyoto targets from one policy and the implementation of the associated legislation. The Beattie Labor Government's Vegetation anti -clearing policy was sufficient to meet the Kyoto targets.
CSIRO studies indicate that plantation forests can effectively offset between 20-60t of CO2 per hectare depending on forest type. I understand that to reduce the emission s by IO% of current levels by 2020 we will need to either reduce emissions or offset emissions by 130Mt of CO2.I understand the enormity of the task has meant that there is only a commitmentto a5% reduction.
lf up to 3Mha of pastoral land was converted to plantation forests assuming an offset of 40t COZ/ha this would equate to an offset of 120Mt CO2 each year for 40 years, after that time the forests reach saturation point and can no longer absorb CO2.
3Mha represents 0.75% of pastoral land in Australia. Plantation establishment costs range between $1500-$2500per ha. The total cost for establishing carbon sinks through plantations is S7.5 billion dollars. lf a program was enacted over 5 years this would be an annual cost of S1.5 billion'
lf the coal generating power stations were to fund this, it could be funded by a levy of 0.84 cents/kwhr. For someone like myself this would be an increase in my power bill of $77 .26/yr. Based on the weighted average of power produced by coal sources in the Australian market (72%)lf we were to replace brown coal with gas we would reduce emissions by 35.25Mt CO2/yr, at a cost of S4.93Billion,
representing a cost of $140/t of CO2, if we were to replace brown coal with Solar Thermal we would reduce emissions by 56.4Mt CO2/yrat a cost of $32.9Billion, representing a cost of $581/t of CO2.