COAG notes that the introduction of an emissions trading scheme to achieve emission reductions will constitute the most “significant economic and structural reform undertaken in Australia since the trade liberalisation and financial market reforms of the 1980s”.
COAG stressed the urgency of the current work to bring together the different approaches on renewable energy targets to combine into one national scheme in order to provide consistency for investors looking to support Australia’s renewable energy industry.
“In addition, COAG agreed to consider options for a harmonised approach to renewable energy ‘feed in tariffs’ in October 2008,” the communiqué states. COAG also confirms its “commitment to cooperative concerted action to address climate change and agreed to finalise a comprehensive framework for addressing climate change at its October 2008 meeting”.
The communiqué has no update on how COAG will develop options to accelerate the uptake of energy efficiency measures as proposed in the forward work program of the December 2007 communiqué.
