March 23 (Bloomberg) -- Australia should double funding to spur the development of low-emissions technologies to A$2 billion to A$3 billion a year as part of an effort to curb pollution, government climate change adviser Ross Garnaut said.
“Technological change can substantially reduce the costs of global and Australian transition to a low-emissions economy,” Garnaut said in a report released today.
There is too little “private investment in innovation generally in the absence of public fiscal support,” he wrote.
Prime Minister Julia Gillard wants to set a price on carbon emissions starting in July 2012 in preparation for a trading system to begin as early as 2015. The opposition Liberal-National coalition, led by Tony Abbott, has vowed to fight the plan, saying it would add to household electricity bills.
Abbott addressed protestors demonstrating against Gillard’s plan in Canberra today as Garnaut prepared to release his report.
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