|Posted by email@example.com on May 22, 2014 at 1:00 AM|
JEFFREY SACHS: Well I think the Government is right now afraid of this topic and it's a huge mistake because Australia is the fourth-largest coal reserve country in the world. It's a major coal exporter. It is the eighth-largest CO2 emitting economy in the world. Australia can't say: sorry, we're just not interested.
Australia can provide true global leadership right now and that is to mobilise, together with the other major coal economies, a massive effort on testing - and hopefully proving - the carbon capture and sequestration technology, because that is the only way that Australia is going to be able to use its coal at a large scale in the years and decades to come.
Put in real money, probably $20 to $30 billion I would say, minimum, to get scaled, serious demonstration programs working in China, in India, in Australia, in Canada, in the United States and to test the geology and the engineering of this technology.
(Don't forget Sachs' recommendations destroyed the Russian economy)