The Business Council supports the development of an integrated, national and bipartisan energy and climate change policy framework that can deliver the following four key goals:
- secure and reliable energy supply
- affordable energy supply
- strong, internationally competitive economy
- meet current and future absolute emission reduction targets.
This submission responds to the Energy Security Board’s Draft Design Consultation Paper on the proposed high-level design of the National Energy Guarantee (the Guarantee).
The Business Council calls on the COAG Energy Council to support the framework of the Guarantee and work constructively on the next phase of the design and implementation plan.
The proposed National Energy Guarantee provides a credible pathway forward. The Guarantee can put an end to the political impasse and policy paralysis and be a circuit-breaker for the stale energy and climate change policy debate in this country. By relying on existing market structures and placing responsibility for meeting emissions and reliability targets on electricity retailers, the Guarantee is our best chance to drive the investment we need in the energy sector, while also meeting our emissions reduction targets.
The Business Council supports the development and implementation of the Guarantee as part of a suite of energy and climate change policies that will help contain prices, build a more reliable system and meet emissions reduction targets at least-cost. The Business Council supports additional practical measures such as:
- lifting unscientific moratoriums on the development of gas reserves;
- timely major project approval processes to ensure gas supply comes to market as quickly as possible;
- access to credible international permits;
- continuation of the Emissions Reduction Fund; and
- the development of a long-term whole of economy emissions reduction strategy.