Just imagine a world with a carbon tax so great that energy was so expensive that all the industrialized countries reduced their carbon emissions by 60%.
We could stay home, cold in the winter and hot in the summer and rejoice in the knowledge that by 2050 we will have reduced global warming by 0.064°C, by 2100 our privation will make a difference of 0.192°C. Hey guys that’s very nearly two whole tenths of one degree!
This assumes that climate sensitivity is 3.0°C in line with the Intergovernmental Panel on Climate Change’s (IPCC). This is probably an overestimate, recent global temperature behavior makes a value of 1.5°C more likely. In which case the reduction would be less … 0.042°C by 2050, 0.116°C by 2100.
Of course Australia’s contribution would be about 1.34% of that i.e. less than 0.0026°C by 2100 (at 3° sensitivity or 0.0016°C at 1.5°.)
You wouldn’t notice the difference in temperature but you would notice the difference in the cost of living.
The background to these calculations can be found at The Cato Institute where you can find a handy little calculator to try some other scenarios.