Ross Garnaut has released the third update to his 2008 climate review.

He says Australia stands out as the developed country whose business-as-usual emissions growth bucks the general tendency of developed countries towards lower growth paths.

Under current policies Australia’s emissions would rise 24% above 2000 emissions caused largely by expansion in the resources sector.

This is likely to bring us under close international scrutiny for not meeting international expectations for carbon abatement. It will invite critical and damaging international response. for example there is a growing movement to restrict trade from countries without a carbon emissions trading scheme.

The global financial crisis has set developed countries in the north on a lower long-term growth trajectory that would also lower their emissions.

Senator Christine Milne argues that we must not allow Australia’s Parliament to be held hostage to the threats of powerful vested interests and that the government should not give in to business pleas for extensive compensation.