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Media release

CPRS must now be refined to achieve speedy and meaningful outcomes Environment Business Australia

13 August 2009

Following today's voting down of the CPRS, EBA is calling on the Government to now decouple the Renewable Energy Target from the CPRS and immediately represent it to the Senate.

EBA is also calling on the Government, the Coalition, the Greens and independent Senators to work together to develop the CPRS into an emissions trading scheme that includes responsible targets for 2020 of at least 25% reductions in greenhouse gas emissions. This would provide Australia with the flexibility to join the push for a minimum of 80% GHG reductions by 2050. It would also give a clear signal to Australian business and industry of the direction that global policy, markets, investors and consumers are heading in.

Australia should be focusing on increasing its role and its commercial opportunity in the rapidly growing A$6 trillion global market for low carbon and environmental goods and services.

Environment Business Australia has proposed 5 big steps forward to tackle climate change and build new commercial opportunities:

  • Energy, materials and resource efficiency
  • Mega renewable energy parks providing baseload energy, minerals processing and manufacturing 'regional hubs'
  • Drawdown of legacy carbon from the atmosphere via terrestrial and biological sequestration
  • Algae sequestration of CO2 from coal-fired power plants (includes production of biodiesel important to counterbalance 'peak oil' impacts on energy security and particularly agricultural productivity)
  • Smarter transportation options including electric vehicle networks, public transport

Regulation and incentives are needed to level the commercialisation playing field for the technologies, infrastructure and systems that will deliver these 5 steps.

A price on carbon, clear GHG abatement targets, and full cost-recovery pricing are prerequisites to the market understanding the important role of industry in reducing atmospheric concentrations of CO2 quickly and deeply enough.

This requires a functioning emissions trading scheme, renewable energy target, and energy efficiency target.

"There is broad agreement that the CPRS could do more to catalyse the next generation of markets, industries, and jobs. This is a better way to invest taxpayer funds and revenue from an emissions trading scheme than compensating companies who are no longer allowed a pollution free-ride. However, there is logic in providing financial assistance to energy intensive companies to make the transition either by retrofitting existing plant or substituting cleaner sources of energy" said Fiona Wain, CEO of Environment Business Australia (EBA).

"Regulation is needed for companies to address the risks, latent liability, and new commercial opportunity aspects of climate change. Australia should go to the Copenhagen meeting in December with a clear mandate" added Fiona Wain.

Fiona Wain
Chief Executive Officer

Sustainable Business Australia supports innovative industries and new jobs for green economies
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