Over the next decade, Australia’s largest energy consumers is expected to face a $10 billion bill in order to meet emissions cuts in the Paris Agreement.
While former prime minister Tony Abbott insisted on calling for Australia to exit the Paris Climate Deal, Senior cabinet ministers have rejected this proposition.
Under the proposed energy plan, the power sector would have to reduce emissions by 26 per cent, which would contribute only 10 per cent of national emission reduction levels by 2030, reported by energy consultancy RepuTex on Wednesday.
“This will lead to a higher sustained price path over time, with industry expected to contribute around half of all emissions reductions to 2030,” RepuTex executive director Hugh Grossman said.
In the past decade, the failure to develop an integrated energy and climate policy has created uncertainty in the market, affecting rapid decision-making in investment and therefore prices and reliability.
Source: The Australian