Australia blows carbon budget

Australia has already blown its greenhouse budget for this century, consuming almost 30 per cent of an estimated 100-year emissions budget in just five years, according to a report by The Australia Institute.

The report claims if carbon dioxide emissions remain at current levels, Australia's entire 21st century greenhouse budget will be exhausted by 2019.

"Australia is at risk of accumulating a massive carbon debt that will place pressure on the economy as the price of emissions permits rises," the report's author, Australia Institute deputy director Andrew Macintosh, said.

From the Canberra Times