Prime Minister Malcolm Turnbull's electricity and climate package is a welcome attempt to end a decade of policy mismanagement by providing the stability and certainty industry has been pleading for to underpin much-needed investment.
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| Let there be light: Prime Minister Malcolm Turnbull discusses his climate and energy package. |
The potentially crucial breakthrough is that the package appears to envisage a market-based price on carbon emissions, widely acknowledged as the most rational and cost-effective mechanism for the transition to renewable energy, the price of which is becoming compellingly competitive.
It is too early to assess whether the policy is the "game-changer" Mr Turnbull claims; it is yet to be fully detailed and depends on the support of the states, a number of which want a faster shift to renewables. Federal bipartisan support is also vital to the certainty and confidence required by investors.
Read today’s Editorial in today’s Melbourne Age - “Malcolm Turnbull's energy policy offers hope via carbon price.”
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