Australia's Climate Change Department head Martin Parkinson warned that the nation will likely not meet its promised emission reduction targets.
Parkinson stated that a broad price on carbon will be necessary if Australia implements a renewable energy proposal currently before the Federal Parliament, The Brisbane Times reported Thursday,
The proposal is predicted to produce $14 billion of clean power investment over the next decade, government climate modeling data released Wednesday indicated.
The government statistics reveal that the government's new renewable energy target, requiring 20 percent of the nation's energy to provided by renewable sources by 2020, will add $41 a year to the average household power bill annually, of which the government's proposals before Parliament would cover only $2. Accordingly, Parkinson said the government will have to implement some sort of charge on carbon emissions to make up the shortfall.