Up in smoke: what did taxpayers get for their $2bn emissions fund?

Before the latest auction figures, Adam Morton investigates the plan Turnbull once called ‘a recipe for fiscal recklessness’At some point in June, the Australian government will announce it has spent up to $2.3bn over three years on a scheme that the prime minister believes is a reckless waste of public money. Related: Land-clearing wipes out $1bn taxpayer-funded emissions gains It would have been cheaper if the government negotiated to buy the land rather than pay landowners to protect it. Related: Emissions scheme wastes millions on projects that would have gone ahead anyway Related: Greg Hunt hasn't a lot to show for $660m spent on reducing greenhouse emissions As Turnbull has pointed out, in Australia the offsets scheme is the policy. And it is barely making a dent. Related: Emissions increases approved by regulator may wipe out $260m of Direct Action cuts Related: China’s emissions trading scheme puts Australian companies on notice Continue reading...