4. It doesn’t penalize business-as-usual

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Previous: 3. Its target is inadequate

The Fund contains no penalty for continuing with business-as-usual (note the safeguard mechanism will only apply above business-as-usual, if at all). Yet if the world continues along a business-as-usual emissions growth trajectory, it will cause an unimaginably catastrophic ~6°C of global warming by 2100. It is unacceptable not to mandate a change of course.

The Government’s aversion to penalizing pollution represents a failure to understand climate change is an urgent crisis. The apparent costs of climate action are greatly exaggerated; to the extent that the costs are real, they are short-term and mainly paid by polluting companies. In contrast, the external costs of CO2 emissions are greatly underestimated, long-lived, and paid by everyone.

Next: 5. It’s voluntary so can’t guarantee results

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