Coal-fired power stations comprise the largest source of greenhouse gas emissions in Australia, accounting for 36 per cent of total emissions in 2008. Any determined effort to tackle what Prime Minister Rudd has referred to as the ‘moral challenge’ of climate change would presumably seek to reduce emissions from that source significantly. The proposed Carbon Pollution Reduction Scheme (CPRS), however, does not. Despite the bold language used by the Minister for Climate Change, modelling conducted by the Treasury makes clear that there will be no real transformation of the coal-fired power generation industry in Australia until at least 2033.