A coalition of business and conservation groups, investors and social services strongly suggest that in order to reduce electricity costs, which is an urgent matter, you must consider reliability and emissions reduction. For that matter, this is the “energy trilemma”: reliability, price and emissions reductions. These problems need to be addressed in national policies in order to create a platform. We are one step closer to achieving this plan now, as the Property Council has joined a coalition of business, energy, conservation groups and social services groups who are arguing these problems.
In the statement the intentions are made clear: “Reducing electricity costs requires investment in electricity supply and unlocking this investment requires credible and stable policy.” Furthermore, “Investors will only view policy as durable if it effectively addresses all parts of the trilemma, including meeting emissions reduction commitments.”
During the latest COAG Energy Council meeting in Sydney, federal energy minister Angus Taylor showed his support for the Retailer Reliability Obligation, the last unachieved pillar of the National Energy Guarantee. Even though the Commonwealth announced that they won’t develop policy’s emissions reduction component, after the leadership changed in August, COAG energy ministers agreed to support the reliability component of NEG.
Furthermore, energy minister Tayler has agreed to set a reference rate to help consumers choose energy providers with better prices. In the official press release state and territory ministers showed their support for “an integrated national approach to emissions reduction across the economy”.
Recently, the Australian Government released a public consultation paper showing Commonwealth’s power to dismiss new investments in the energy sector. The Property Council has yet to respond to this paper. Francesca Muskovic, the Property Council’s policy manager for sustainability and regulatory affairs said that “The Property Council supports Australia’s full participation in the Paris Agreement”.
She also notes that the Property Council understands that zero emissions are a necessity. “A major global transition towards lower emissions is already underway and we need policy frameworks for all sectors of the Australian economy to ensure a smooth, just transition can be made. The ultimate outcome of net zero emissions is both necessary and inevitable.”
“We call on all sides of politics to deliver stable policy and investment certainty by addressing all parts of the energy trilemma – cost, reliability and emissions reduction,” Ms Muskovic, added.
Here are the members of the coalition:
- Ai Group
- Australian Aluminium Council
- Australian Conservation Foundation
- Australian Council of Social Service
- Australian Energy Council
- Brotherhood of St Laurence
- Business Council of Australia
- Clean Energy Council
- Energy Efficiency Council
- Energy Networks Australia
- Energy Users’ Association of Australia
- Investor Group on Climate Change
- Property Council of Australia
- St Vincent de Paul Society
- Uniting Communities