The Grattan Institute7, for example, suggests that although energy intensive industries, such as alumina refining, LNG production and most coal mining, will be less profitable, they would still be internationally competitive. With the exception of cement, these industries don’t have a strong presence in the metropolitan economy. This suggests that the negative impacts on industry and overall employment in the Sydney metropolitan area are likely to be small. Treasury modelling concludes that action on climate change will have a relatively small impact on GNP growth.