National Carbon Bank of Australia


2030 Emissions Targets and Paris COP21

In August 2015 the Australian Government released information on Australia’s emission reduction target for 2030.

The target is a 26% reduction on 2005 CO2 emissions. In December 2015 the government released further information on how the target will be reached and the contributions from each of the major sources of emissions in the country.

Of particular importance for the energy efficiency sector was the release of the ‘National Energy Productivity Plan’ NEPP. The Plan indicates some 160 million tonnes of carbon abatement is to be delivered through energy efficiency projects by 2030.

It is worth noting that the 160mt CO2 is exactly what is already forecast to be delivered by the NSW ESS and Victorian VEET schemes combined in the 15 years to 2030. While it is an important step forward in recognising the contribution energy efficiency can make towards the target, NCBA believes it falls short of providing impetus for expansion of energy efficiency projects nationwide.

NCBA believes that building on the success of the NSW ESS scheme by transforming it into a national scheme would achieve this end and would bring a much larger contribution from energy efficiency towards the national emissions reduction target. This would in turn allow the Government to consider a more ambitious goal in line with global ambition to limit average temperature increases to less than 2 Degrees Celsius.

Paris

On Saturday 12th December 2015 the Paris Accord was adopted by every country on earth giving a clear signal on the future direction of the global economy. The world has agreed to limit global average temperature rises to less than 2 Degrees Celsius.

It is still debatable that the commitments made under the agreement to date will achieve this outcome however it is the first time in history that a universal agreement has been reached and in doing so a framework has been established to allow progression towards the goal. NCBA commends the visionary work of the UNFCCC in brokering the agreement and looks forward to the low carbon future that it has enabled.

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