The Federal Government has welcomed the release of the Garnaut Climate Change Review final report.

In a statement, Minister for Climate Change and Water, Senator Penny Wong, said Professor Garnaut’s independent review was the most comprehensive economic review of climate change since the Stern Review was released in 2006.

Senator Wong said Professor Garnaut’s Review shows that while there will be some unavoidable costs from climate change, the costs of taking action to reduce carbon pollution are less than the costs that would be incurred if no action is taken.

The Garnaut Review was commissioned by the Federal Labor Opposition and State Labor Governments in 2007.

“Professor Garnaut’s work has gone a long way towards getting Australia on the right track to address the enormous challenge of climate change, Senator Wong said.

The Rudd Government is scheduled to release further Treasury modelling in October. The Government’s White Paper on the final design of the Carbon Pollution Reduction Scheme is due for release by the end of the year.

Stakeholder feedback is now sought on all elements of a green paper and this feedback will inform the Government’s decisions on final scheme design. The white paper will follow and incorporate those decisions and an exposure draft of legislation for Australia’s Carbon Pollution Reduction Scheme.