Emissions fund capped, says Abbott
Prime Minister Tony Abbott insists the Direct Action plan is capped, costed and funded and will meet targets for cutting Australia's carbon emissions.
Market analysts RepuTex say the coalition's $2.55 billion emissions reduction fund will only go a third of the way towards delivering the emissions cuts which Australia has pledged to deliver by 2020.
The fund's expected passage through the Senate was secured in a deal with the Palmer United Party on Wednesday.
Opposition Leader Bill Shorten has asked Mr Abbott in parliament whether the government will use more taxpayers' money to meet the target of a five per cent reduction in emissions by 2020, or abandon the target altogether.
"Our Direct Action policy, ... it's capped, costed and funded, as simple as that," Mr Abbott said.
"We are confident that Australia will meet our emissions reduction targets."
He says the coalition will never bring in an emissions trading scheme, which Labor advocates.
