Bill Shorten refuses to put cost on climate change policy

Bill Shorten has hit out at the “characterisation” there’s a cost to his climate change policy.

Australian Opposition Leader Bill Shorten has refused to put a cost on his climate change policy. Picture: Lukas Coch/AAP

Bill Shorten says the economy will grow by 23 per cent under Labor’s 45 per cent emissions reduction target, but has refused to put a cost on his climate change policy.

The Opposition Leader said his emissions reductions target would come at no further cost to the economy as the Coalition’s 26 per cent target because Labor would allow companies to buy international offsets.

He also hit back at the “characterisation” there would be an economic cost to his policy.

“I don’t accept the characterisation that it is a cost. We’re going to grow. And we’re going to grow because we are going to move to a lower carbon pollution economy,” the Opposition Leader said.

“We will see across the 2020s, as a result of our energy policies and our climate policies, GDP growth of about 23 per cent,” Mr Shorten said.

“We will allow companies to purchase offsets if they need to, if they can’t meet the carbon emission reductions by changes in productivity in the workplaces.”

Mr Shorten did not say where the 23 per cent figure came from or what the growth figure would be under the current policy settings.

The Opposition Leader this morning quoted modelling by Australian National University professor Warwick McKibbin, who argued Labor’s policy would cost the same as the Coalition’s 26 per cent target.

“In terms of our proposals, modelling by Warwick McKibbin has shown that our 45 per cent reduction, including international offsets, has the same economic impact as the Liberals’ 26 per cent, who are not having international offsets. So there you go,” Mr Shorten told ABC radio.

Mr Shorten the cost of natural disasters as a result of climate change was $18 billion.

“So there is a cost to not taking action,” Mr Shorten said.

“Power prices have gone up across Australia. That is because we don’t have a national energy policy. This government has had 13 different energy policies. When there is no certainty on energy policy people don’t invest in new energy.”

Yesterday, Mr Shorten had a fiery exchange with a journalist over his refusal to say the cost of his 45 per cent target.