Climate change will create major economic and social costs for Australia, therefore mitigating global warming is in the interest of Australian business.
Australia is a minor greenhouse gas (GHG) emitter by global standards.
Policies to mitigate GHG emissions should take into full account of the critical contribution to our economy of energy exports and the importance of a secure, reliable and competitive supply of energy. They should not harm our international competitiveness.
Domestic initiatives to reduce carbon emissions in line with our global commitments should be supported. Viewed on its own, reducing emissions in Australia will have little impact on global atmospheric GHG concentrations. This is why Australia needs to support economic growth and assist regional partners to develop in a way that limits the environmental impact.
Several developing nations in the region are expecting significant economic change, accompanied by industrialisation, urbanisation and increased food and energy requirements. Australia should work with our neighbours to develop in ways that are energy efficient and environmentally responsible.
Australian business and skilled workforce can play a major role while also generating national income. Australia’s advantages, economically, socially, and academically should be deployed in the global effort to mitigate against adverse climate change.
- policy measures should be stable, predictable and provide long-term certainty for business.
- policy measures should achieve lowest-cost emissions abatement by:
- being market based;
- being implemented at the national level; and
- permitting access to credible international offsets.
- policy measures should not harm Australia’s international
- competitiveness impacts and the potential for carbon leakage.