Businesses welcome the release of the King Review as a critical step that will build on existing policies to put Australia on a pathway to a carbon neutral economy, Business Council chief executive Jennifer Westacott said.

“The King Review is a significant step in the right direction.

“This work will add to Australia’s existing suite of policies, including a world class emissions reporting regime and the safeguard mechanism, to help Australia transition to a world leading carbon efficient economy.

“This is a practical, achievable plan that will arm the Climate Solutions Fund to incentivise abatement opportunities for businesses across the economy.

“The Review acknowledges the critical partnership that will be required between business and government to transition to net-zero emissions by 2050.

“The establishment of a co-funding investment program to develop new technologies in ‘hard to abate’ sectors, such as heavy industry, freight transport and aviation recognises the need for all sectors to contribute to a low emissions future.

“By diversifying the government’s investment in emissions reduction and allowing industry to propose and develop new abatement, we can create new markets and technologies, such as carbon sequestration, which we will need to achieve carbon neutrality, offsetting emissions that we cannot yet eliminate.

“To get Australia on a path to net-zero emissions by 2050 we cannot afford to miss any opportunity to reduce emissions.

“We look forward to the release of the government’s technology roadmap later this year which will identify even more opportunities for abatement.

“We congratulate former Business Council president, Grant King, on completion of this important work which will inform government and business as we continue to develop and enhance our emissions reduction policies.

“Our recovery from the COVID-19 pandemic must be about job creation, driving business investment and ensuring we’re on a net-zero pathway. The King Review will form a critical part of this strategy.”