Key government climate change adviser Ross Garnaut says the carbon pricing scheme is not only good for the Australian community but will have global implications.
Professor Garnaut earlier this year updated his landmark 2008 review of climate action and has been advising the multi-party climate change committee.
In a statement issued after the launch of the Clean Energy Future plan by Prime Minister Julia Gillard on Sunday, Prof Garnaut said he was particularly happy with the plan for the Australian scheme to link in with global carbon trading and abatement programs.
"I attach particular importance to the governance arrangements for the emissions trading scheme," Prof Garnaut said.
"The arrangements for adjusting targets, including through the role of the Climate Change Authority, allow appropriate flexibility in response to international developments within a stable and predictable framework."
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He said Australia would lead the way in terms of carbon farming.
"Our pioneering role in measuring and rewarding sequestration in soils, pastures, woodlands and forests is likely to have international influence," he said.
Prof Garnaut said it was also important that over time the government review the level of assistance to industry as it showed "economic discipline".
"This is a strong climate change policy package," he said.
"It will allow Australia to do its fair share in an effective global effort to reduce the risks of climate change, and to do so at reasonable cost."
