What is interesting is that Garnaut calls for this magnitude of spending while ruling out “wrong arguments” for greater spending on innovation. These include that need for speed (ruled out because, if the emissions cap is binding, that is what emissions will be; end of story), low permit prices (ruled out because the setting of future targets will mean that prices will rise and innovation is all about the future), and that innovation will soften the blow from the carbon cap (ruled out because this blow is the point of the whole exercise
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