Advice from an expert panel, led by Mr Grant King, provides a robust platform to expand the way Australia is lowering emissions while supporting the economy, businesses and households.The panel looked at ways to unlock low cost carbon abatement across the economy, particularly in the harder to reach sectors of industry, transport and agriculture.
The panel conducted targeted consultation across these sectors and received over 50 submissions from industry, research organisations and non-government organisations.
The King Review made 26 detailed and technical recommendations.
These include ways to:
- encourage greater participation in the Emissions Reduction Fund (ERF)
- provide new incentives for voluntary emissions reduction on a broader scale
- enable low emission technologies
The panel noted that the ERF and Safeguard Mechanism provide a platform that can readily accommodate and incentivise further action. It identified opportunities to unlock additional abatement by refining these schemes and introducing new complementary programs.
The Minister for Energy and Emissions Reduction said the Government supports the review’s key recommendations. These involve using private co-investment to drive down the costs of transformative technology across the economy, and accelerate the uptake of new technologies. These recommendations align with the Government’s technology-based approach to reducing emissions, which will be complemented by the Technology Investment Roadmap, soon available for public consultation.
The Government is already implementing a number of the recommendations. Others will need further detailed policy work and consultation. This will help us understand how best to continue supporting an emerging trend of voluntary emissions reductions by the private sector, state and territory governments and the community.