Taxpayer spending on climate programs will need to be dramatically increased if the federal government does not introduce new policies, warns farming, industry and investor groups.
Emissions Reduction Minister, Angus Taylor, received a joint letter by 10 business groups, stating the government will either need to back new policies that drive private-sector action or boost taxpayer funding now and into the future.
The letter says Australia’s medium-term climate target set for 2030 is just a staging post on the way to meeting the Paris deal goals of keeping global heating well below 2C and pursuing efforts to limit it to 1.5C.