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Internationally, as in Australia, governments forced to promise climate change action have generally promoted market-based carbon abatement schemes, mostly of the “cap and trade” variety. But can we trade our way out of our climate difficulties? Can market mechanisms deal with a problem of such scale and urgency?

Professor Ross Garnaut’s draft review of climate change policy options for the Australian government was released on July 4, with climate change minister Penny Wong due to release a green paper canvassing policy options on July 16. Garnaut’s report looks at the “costs” and “benefits” of mitigating drastic climate change through a carbon polluting trading scheme. It suggests tax cuts and “welfare reform” to compensate low-income households, which will be hit hard by energy price rises.

Ground-breaking new research findings posted on the internet in April have confirmed what many scientists and climate activists have already concluded — that the goals for reducing greenhouse gas emissions embraced by the European Union and Australia’s Labor government are gravely inadequate.

Global warming, General Motors’ vice-chairperson of global product development Robert A. Lutz told reporters in a closed-door meeting in January, is “a total crock of shit”. Within hours the remark was reported on the internet, and spread, as Lutz subsequently lamented, “like ragweed”.

Almost universally, governments are refusing to recognise the scope and urgency of the changes demanded by global warming. The menace, however, is real, and the time available for concerted action to combat it is frighteningly brief.