“The BCA welcomes Senator Xenophon’s intention to consult with business on his proposed amendments to the Carbon Farming Initiative legislation,” Business Council of Australia Chief Executive Jennifer Westacott said.

Ms Westacott said what is required is legislation which achieves a workable policy to reduce Australia’s greenhouse gas emissions at lowest cost to the economy.

“The Business Council will contribute constructively to discussions designed to achieve the best outcome for the environment and the economy.

“While we will need to give the Senator’s proposed amendments careful consideration before making a detailed assessment, there appear to be a number key positives in his exposure draft legislation released today.

“The proposal to extend the contract and crediting periods under the Emissions Reduction Fund has the potential to bring forward a larger number of emissions reduction projects, which will further assist in meeting Australia’s target.

“The proposal to include a strategic reserve of international emissions reduction permits in the legislation will provide an important buffer to enhance Australia’s capacity to achieve its bipartisan target to reduce emissions five per cent below 2000 levels by 2020 at a lower cost.

“The Business Council stands ready to work with the Parliament to find an approach that can stand the test of time by reducing emissions at least cost while protecting the competitiveness of industries which are critical to the Australian economy,” she said.

For further information contact:
Scott Thompson, Director, Media and Public Affairs
Business Council of Australia
Telephone (03) 8664 2603 | Mobile 0403 241 128