In its response to the Interim Report of the Garnaut Committee, PIAC endorses the recommendation that Australia will need to go further than the current target of a 60 percent reduction in emissions by 2050 and that the UCAP and trade’ scheme is the preferred option to meet these targets.However, PIAC sets out its concern that any scheme that is implemented must protect low-income households and ensure that they be given highest priority in the allocation of revenue from the sale of permits to compensate the higher cost of energy.
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