Australia should take a long-term and risk management approach to climate change policy which incorporates both mitigation and adaptation elements, is calibrated to international responses and builds on our skills, resources and regional location.

The economic, social and environmental risks are substantial both if we take no action on climate change and if we take the wrong action.

While some might argue that Australia should sit back and wait and see, this does not provide the basis for a proactive management of the risks nor does it locate Australia with its international peers in seeking to resolve the inherent challenges
associated with climate change.

The BCA fully supports the introduction of an emissions trading scheme in Australia capable of international linkages and is pleased to respond to the Australian government’s recently released Carbon Pollution Reduction Scheme (CPRS) Green Paper

The implementation of Australia’s CPRS has the potential to provide many opportunities. A market driven price on carbon brings with it the potential for:

• The deployment of existing low-carbon technologies at greater rates across the economy.
• The development and scaling up of technology which is nearly at the commercialisation stage.
• Incentives to find new breakthrough technological solutions.
• Reengineering many of the processes that underpin our current businesses.
• New employment opportunities and the reskilling of the workforce in response to new technologies.
• The development of a new financial market and financial instruments to underpin the trading in permits.

Submission on the Carbon Pollution Reduction Scheme Green Paper