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ClimateWork’s ‘Low Carbon Growth Plan for Australia’ PDF Print E-mail
ClimateWorks Australia recently release their Low Carbon Growth Plan for Australia (see http://www.climateworksaustralia.com/low_carbon_growth_plan.html) . This plan is based on global business consultants, McKinsey & Company’s ‘low carbon growth curve’ which identifies which rates carbon abatement opportunities from the lowest cost (such as mining energy efficiency) to the highest cost (such as coal CCS). So far these costs only take into account direct costs and benefits (such as savings from reduced energy use) and do not take into account co-benefits (such as decreased health costs due to reduced car use). It would be great to see ClimateWorks look at the savings from co-benefits as this is seldom done but can change the economics of many carbon pollution measures (particularly in the household and transport sectors) substantially.

The ClimateWorks plan looks at both the societal and investor cost curves and shows how a carbon price of $43/Tonne in 2013 (rising to $69/T in 2020) will mean that 80% of actions identified under the cost curve is profitable for investors and businesses. Without a carbon price, only 24% of opportunities are currently profitable for investors. This underlines how significant economic activity that could be created by a strong carbon price signal.

The ClimateWorks plan also analyses each of the 54 opportunities identified against their ease of implementation (costs and barriers) and the risk of lock-in of future carbon pollution (if action is not taken. This analysis is used to identify three types of policy responses:

    * Implement now
    * Act now to remove barriers and motivate action
    * Invest now in information and innovation to reduce long-run cost.

in six key sectors – power, forestry, industry, buildings, agriculture and transport.

LEAN is using the Low Carbon Growth Plan as one of the key documents in the development of its policy for the Federal election.
 
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