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TREES PLANTED
since 1997
19 March 2010
Low Carbon Growth Plan for Australia
Launched in Melbourne this morning, the Low Carbon Growth Plan for Australia is an economy-wide blueprint for Australia to achieve ambitious reductions in GHG emissions, while building a growing low-carbon economy.
The Plan was developed by ClimateWorks Australia - a non-profit partnership between the Monash Sustainability Institute and the Myer Foundation - in conjunction with global business consultants McKinsey & Company.
The Low Carbon Growth Plan identifies 54 separate opportunities - across all sectors - that together can achieve a reduction in emissions of 249 Mt CO2-e (million tonnes of carbon dioxide equivalent), or 25% below 2000 levels.
This target is achievable using technologies available today, and at cost of just A$185 per household in 2020. This equates to just $4 per week, or about the cost of just one take-away coffee!
Based on detailed economic and policy analysis, the Plan identifies the actions required to reduce emissions, the barriers to their implementation, and their relative cost in six key sectors - power, forestry, industry, buildings, agriculture and transport.
There are many opportunities for emission reductions to be made at low cost or with a net economic benefit to society. These economically attractive opportunities are primarily composed of energy efficiency improvements in buildings, industry and transport.
The Plan finds that a carbon price would further amplify the incentive for business to invest in emissions reduction, by significantly increasing the number of opportunities that are profitable to business.
But as some barriers do not respond to a price on carbon, additional action will be required to overcome those barriers.
The Plan also finds that prompt action is required to capture all 54 opportunities. Delaying action will mean some low cost opportunities are lost, ensuring greater cost to society and business in the long run.
Read more and download the Low Carbon Growth Plan for Australia from the ClimateWorks Australia website.