The Independent and the Green Members of Parliament hold an unprecedented opportunity in their hands - to deliver vision and strategy to Australian Government deliberations.

If they are successful they will help re-attract investment lost by the Rudd/Gillard deferral of putting a price on carbon and starting an emissions trading scheme.

The climate change action implications of this are very important, but we should not underestimate the opportunity ahead to shape this country's competitiveness in the new Green Economy where the USA, China, EU, UK, Japan, Korea, and to some extent India, are already jostling for leadership.

Environment Business Australia (EBA) has put the following six recommendations to the Independents and the Greens with a request for their support to:

• Introduce a sensible and real target for greenhouse gas emissions reduction of at least 20% by 2020 and 80% by 2050
• Price carbon and introduce an emissions trading scheme in 2011
• Use revenue from emissions trading to invest in the transition to a low carbon and resilient economy
• Put in place strategic portfolio of policies to develop Australia's opportunities to be competitive in the Green/New Economy
• Fast track energy and resources efficiency; large-scale renewable energy projects; and biosequestration (Bio-CCS) of CO2
• Make it easier for people to invest in next generation projects, for example, a pooled index fund, climate bonds, or a Green Investment Bank approach (as in the UK)  that welcomes individual investments and is accepted by the superannuation laws for small self-managed funds as well as major fund investment

Climate change action, energy and food security, infrastructure assessment and development should be priorities of the next Australian Government so that this country can build on its strengths and minimise its vulnerabilities.  Currently there is a sorry lack of debate on risk management, value-adding, or planning a national infrastructure  strategy.

EBA proposes five approaches that will help tackle climate change from an opportunity perspective:

1. A nationwide focus on rebuilding soil carbon across millions of hectares of degraded soil - this would improve agricultural productivity and would have landscape and native vegetation benefits at the same time as pulling legacy CO2 from the atmosphere. Biosequestration (Bio-CCS) carbon sinks have the potential to deliver large-scale reductions in atmospheric concentrations of CO2 at speed. Bio-CSS should receive at least equal support as geological carbon capture and storage  (Geo-CCS).
2. Mimic nature to capture CO2 and produce biofuels that don't compete with food production by capturing CO2 from coal-fired power stations (and other large emitters) and feeding it to rapidly growing algae (Bio-CCS).
3. Australia should plan to be a 'clean power park' by harnessing our vast endowments of renewable energy.  Geothermal, marine, solar and wind energy can provide baseload energy to urban and industrial demand centres; to electrify national transport systems; to desalinate water; to provide household hot water, heating and cooling; and potentially also to areas of high energy demand in Asia.  Investment in R&D, project demonstration and innovation deployment.  High voltage direct current (HVDC) grid investment is required.
4. A national efficiency target for energy, resources, materials and systems so that every dollar spent publicly or privately delivers high productivity and rapid reductions in greenhouse gas emissions.
5. Make our cities and transport systems amongst the smartest in the world.

The first three are areas where Australia has the potential to be a world leader.  The fourth and fifth points should be 'no brainers' for an economically astute nation that has the skills, financial capacity, and technological innovation to transform problems into commercial opportunities that will be good for people, the environment, the economy and national and international security.

With questions still hanging over the global economic recovery Australia needs to play to its strengths to attract major infrastructure investment.  But policy settings to date are doing the opposite - Australian vulnerabilities increase as domestic and overseas capital flows to other countries who  offer more confidence and encouragement to invest in energy projects and carbon offset ventures.

Now is the time for a 'Great big new investment' in commonsense, in markets and industry development, and in the technologies and systems that can deliver Green/New Economy wealth generation for all Australians including those in rural and regional Australia.

Contact EBA on 02 9358 1800 and email This e-mail address is being protected from spambots. You need JavaScript enabled to view it