In response to the emissions trading report compiled by a high-level governmental taskforce, the Prime Minister in an address to the Liberal Party's federal council said that climate change presents a challenge to Australia.
Promising to set up a domestic emissions trading scheme by 2012, John Howard has delayed his decision for setting up a goal for reducing emission until 2008, when the detailed economic modelling has been published, reported the AAP.
The AP reported that Mr. Howard in his speech said that climate change poses a "great" economic and environmental change to Australia. However, he goes on saying that the proposed trading scheme will be more comprehensive, more rigorously grounded in economics compared to similar schemes operating in Europe.
The issue of climate change is shaping up to be a contentious federal election issue between both major political parties as they are vying to win. Reuters reported that polls have shown that 80 percent of Australians want the government to do more on climate change as a majority of them attribute global warming to greenhouse emissions.
It is not surprising therefore that both political parties have formulated different response to the issue. Kevin Rudd, the Federal Opposition Leader has proposed to cut Australia's emissions level by 60 percent in the year 2050.