Australian Business Roundtable on Climate Change
As part of the Australian Business Roundtable on Climate Change we have been working with BP Australia, Insurance Australia Group, Swiss Re, Visy Industries, Westpac and the Australian Conservation Foundation to better understand the business risks and opportunities associated with climate change.
The Roundtable commissioned CSIRO to quantify climate impacts vulnerable to climate change but also emphasised that reducing global Greenhouse gas emissions will reduce the rate and magnitude of climate change which will give more time to adapt to a harsher and more varied climate.
Given the scientific advice that there is a strong incentive to act early to reduce emissions, the Roundtable commissioned The Allen Consulting Group to analyse what it will cost to substantially reduce its Greenhouse gas emissions as apart of an international response.
This research demonstrated that Australia can deliver a 60 percent reduction from year 2000 levels by 2050 at an affordable cost. Furthermore the economic modelling illustrated that the longer we delay action, the more expensive it becomes for business and the wider Australian economy to reach the deep cuts.
A key outcome of this research for Origin is that early, affordable steps to reduce Greenhouse gas emissions may delay the need for drastic and costly reductions later. Lack of agreement on long term solutions cannot be used as an excuse to avoid near term actions.
In order to apply a carbon constraint in line with goals for long term deep emission cuts, Origin supports the introduction of a national emissions trading scheme as being the appropriate policy response. It will be important that an Australian scheme is able to link internationally and the scheme must take into account the risks to international competitiveness. We are convinced that our long term business competitiveness will benefit by leading the development of market-based solutions to the climate change issue.
For more information please visit www.businessroundtable.com.au