The panel was tasked with providing advice to the Minister for Energy and Emissions Reduction on how to incentivise low cost abatement opportunities from across the economy, with a focus on the industrial, manufacturing, transport and agriculture sectors, and energy efficiency.
Targeted consultation was undertaken with these sectors and submissions were received from across industry, research organisations and non-government organisations.
The recommendations outlined in this report are intended to help Australia exceed its current international commitments and create a pathway for ongoing emissions reductions beyond 2030 to meet future commitments under the Paris Agreement.
The Emissions Reduction Fund (ERF) and Safeguard Mechanism, built on Australia’s globally recognised emissions measurement and reporting systems, provide a platform that can readily accommodate and incentivise further action. The Panel identified opportunities to unlock additional abatement by refining these schemes and introducing new complementary programs.
This report presents the Panel’s findings and recommendations, which are divided into three themes:
- improving the Emissions Reduction Fund (Part A);
- incentivising voluntary action on a broader scale (Part B); and
- unlocking the technologies needed to decarbonise the economy (Part C).