KEY POINTS FROM THE 2017 CLIMATE POLICY REVIEW
* Existing suite of policies can deliver Australia's Paris Agreement commitment to cut emissions by 26-28 per cent on 2005 levels by 2030.
* Review says the rapid pace of technological change makes it hard to predict what Australia's economy and future emissions will look like and so what level of reduction is needed.
* Latest data shows emissions rose over the year to June and are expected to continue to rise to 2030. Recent UN report also said Australia's existing policies would not meet its Paris pledge.
* Government will stick with the Emissions Reduction Fund as the centrepiece of climate policy. The $2.5 billion fund only has $265 million left in its coffers. Government will consider adding new money in future budgets.
* Government will work with business to make safeguard mechanism "simpler and fairer". This applies to 140 businesses that account for half of Australia's emissions.
* One option under consideration would let businesses increase "baseline" emissions level (ie pollute more without offsets) if production output rises.
* In-principle support to allow Australians to purchase international carbon credits. Final decision to be made once the Paris Agreement rules around global carbon markets are finished.
* Will only allow use of units that meet the Paris Agreement rules and are of equivalent standard to Australian units.
* May also consider allowing Australian units to be sold overseas.
* New regular cycle to review and refine policies in line with five-yearly updates to reduction targets under the Paris Agreement.
* Government will develop a long-term, but "non-prescriptive", emissions reduction strategy by 2020, expected to look at opportunities in each economic sector out to 2050.
* New vehicle emissions standards being developed. Projected there'll be one million electric cars in Australia by 2030 (15 per cent of domestic fleet).
Share
