The Australian Business Roundtable on Climate Change

In April 2006, Westpac was one of seven organisations involved in the launch of the Australian Business Roundtable on Climate Change, a major new initiative focused on examining the economic impacts of climate change within Australia.

The launch of the Roundtable included the release of groundbreaking new research, incorporating scientific and economic modelling on climate change impacts. Other members include BP, Visy Industries, Insurance Australia Group, Swiss Re, Origin Energy, and the Australian Conservation Foundation.

The objective of the Roundtable was to better understand the risks and opportunities presented by climate change for Australian business, and to articulate a practical vision and pathway for achieving significant cuts in greenhouse gas emissions by 2050.

Based on these findings, the Roundtable developed an integrated set of recommendations intended to enable Australia to reduce greenhouse gas emissions while maintaining competitive economic growth.

These recommendations are grouped into three overarching themes:

Design a 'long, loud and legal' framework to establish a price signal;
Encourage innovation and investment in emerging and breakthrough technologies; and
Build national resilience to the impacts of climate change

In total, there are nine recommendations designed to create a policy framework to enable Australian business to invest appropriately in initiatives to reduce greenhouse gas emissions at the lowest practicable cost. They are also intended to promote a flexible policy framework allowing companies and industries to self-select the most appropriate approach to reducing greenhouse gas emissions.

More information, including the final report and supporting modelling and research reports, are available at www.businessroundtable.com.au

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