Technology key to convincing China on emissions trading: economist (ABC)

A prominent American economist says the best way to convince China to adopt an emissions trading scheme, is to first talk about technologies rather than credits and taxes. Professor Jeffrey Sachs addressed a conference in Canberra today, saying there needs to be a decisive cut in China's emissions to achieve a meaningful international agreement on climate change. The Federal Government is preparing to release its discussion paper on a carbon trading scheme favouring a cap and trade model. But Professor Sachs says carbon taxes would be far more effective, describing trading as an administrative mess. "It only covers a fraction of what needs to be covered," he said. "It's hard to implement, it's hard to monitor, it's non-transparent, it's highly political, highly manipulative, which is why the banks love it, the banks all want... [read full story]