The Review of Climate Change Policies must resolve a number of fundamental tensions if Australia is to restore its comparative advantage in energy; deliver a strong, internationally competitive economy; and meet our 2030 emissions reduction target.
A decade of fractious debate over climate change policy settings has made investment in electricity generation extremely difficult without direct subsidies, and delivered record high electricity prices along with serious questions about the security and reliability of the system.
Put simply, climate change policy has failed us and it needn’t have. But right now, more than anything, our climate change policy needs consensus to implement coherent policy.
N.B. This submission was made prior to the Independent Review into the Future Security of the National Electricity Market and elements of it may have been superseded. For further information, please refer to the Business Council's media release responding to the Finkel Report.