A lobby group has pointed out flaws in the government's direct action plan to tackle climate change. Source: AAP
A MANUFACTURERS lobby group has cast doubt over whether the Abbott government's direct-action plan on climate change can cheaply meet emission reduction targets.
The Australian Industry Group has released its submission to a senate inquiry that will consider whether direct action has the capacity to deliver sufficient emissions reductions to reach a bipartisan target by 2020.
"It is still difficult to be definitive in relation to the potential outcomes of a policy that remains very much under development," chief executive Innes Willox wrote.
"Our initial impression is that the (emissions reduction fund) has several challenges to overcome in order to achieve the government's emissions reduction goals at least cost to Australia."
The government's decision to have maximum five-year abatement contracts for the emissions reduction fund is a worry, he said.
Most abatement projects will involve substantial upfront investment producing abatement over a much longer period.
Mr Willox said potential bidders would need to increase their price to ensure costs are recovered within the initial five-year window, avoid the auction, or run the risk that they do not get a further contract.
He argued that the federal government should purchase international carbon units as a modest insurance policy.
"These could be set aside against the risk that domestic abatement projects do not deliver sufficient emissions reductions," Mr Willox said.
The senate inquiry also examines the impact of the Abbott government's plan to abolish Labor's carbon tax and disband the Clean Energy Finance Corporation.
A report is due by March 24.
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