Submission to 2017 Review of Australia's climate change policies
To protect Australia’s national interests, it is recommended that the Australian Government:
- establish an achievable, equitable and economically responsible 2030 greenhouse gas emissions target of 60 percent below 2000 levels alongside a long-term goal of net-zero emissions by 2046;
- foster the RET scheme to successfully reach its first target in 2020, and extend the scheme with broader competition, competitive capacity allocation, and effective financing;
- reinstate an economy-wide carbon pricing mechanism;
- create climate policies that use additional methodologies, such as the social cost of carbon; and
- support state and local government initiatives that reduce emissions and increase renewable energy generation.
- To meet their commitments under the Paris Agreement, Australia must set a target date for net zero emissions and increase their 2030 emissions reduction goal
- The Renewable Energy Target (RET) scheme has been an effective mechanism that will contribute to a long-term emissions goal post-2030
- In addition to the RET, a direct carbon pricing mechanism is essential to signalling a commitment to a low-emission pathway at the lowest economic cost to Australia
- The Australian Government should consider the benefits and opportunities afforded to Australia by using additional modelling and methodologies, such as the social cost of carbon, in the policy development process
- The Australian Government should support deep emissions reduction target-setting from state and local governments. Those states able to achieve deeper cuts earlier should be encouraged to do so and, especially in the absence of an economy-wide carbon price, the Australian Government should embrace ambitious state renewable energy targets.