If you set the tax too low, there may be little effect because companies would rather pay the tax than change their technology. Our daily routines have had to adapt and change due to COVID-19, marking one of the most significant structural shifts in Australian life.Australians are not receiving the complete picture when it comes to the rapid decline of property prices amid coronavirus, a recession and rising unemployment. If a company is able to produce cleaner electricity – for whatever reason, even so-called clean coal - and reduce their emissions, then they will not need so many permits and will be able to sell surplus permits to other generators at a price determined by the market.While it is difficult to get a carbon tax rate right, this is not an issue for emission trading schemes because the price is essentially set by a market and drives companies to reduce their emissions at the lowest possible cost. National Greenhouse Accounts Factors The National Greenhouse Accounts Factors is published for use by companies and individuals to estimate greenhouse gas emissions. Emissions per capita for Australia are still well above the OECD, and developed world average, with most sources pointing to 22-25 tons. We pay our respect to them and their cultures and to the elders past and present.Australia’s greenhouse gas emissions to September 2019 Australia’s conservative government in 2014 dismantled a carbon trading mechanism that put a price on emissions. If it’s set too high it could drive companies into financial stress, damage the economy and reduce GDP (Gross Domestic Product).One could argue that if India, China and the US do not participate, there is no point in Australia doing anything but I believe a country that can afford to reduce emissions, like Australia, has a moral duty to act.In Australia, the average emission intensity rate at the moment is roughly 0.8 tonnes of carbon dioxide per megawatt-hour electricity produced. The overwhelming majority of electricity is still produced by the burning of fossil fuels, such as coal. It can be regional. But if a company’s emissions intensity is higher (say 1.5 instead of 0.8), then their cost of generation would increase by 1.5 of the $20, so their price would be $30 per tonne. The idea is that pricing carbon encourages a reduction in emissions by making them more expensive.The Reserve Bank has put carbon pricing firmly back on the agenda. Countries have very different outputs and economic conditions, such as salaries, and this would make it very difficult to agree on a single scheme.In the long run it might make sense that the whole world is on board with a single scheme but initially I see no problem with Australia adopting its own.Our research discoveries benefit the world we live in, with bold new solutions for national and global challenges.Our research discoveries benefit the world we live in, with bold new solutions for national and global challenges.