Chief Scientist Alan Finkel's clear pathway to a clean energy future is crucial to securing Australia's global competitiveness in a lower emissions economy, according to the Australian Energy Resources Growth Centre.
Welcoming the release of Chief Scientist Alan Finkel's Blueprint for the Future; Independent Review into the Future Security of the National Electricity Market, NERA (National Energy Resources Australia) said bipartisan support to implement what is a comprehensive and non-ideological pathway to a lower emissions future - as outlined by Dr Finkel - will be crucial to Australia's economic future.
For the energy resources sector, the Blueprint will create the stable policy framework with minimum Government intervention that is so desperately needed to support future investment, but it will require all stakeholders to be open minded and work together to put in place an implementation plan.
NERA chief executive Miranda Taylor said Dr Finkel's recommendation that Australia should adopt "evidence-based regulatory regimes to manage the risk of individual gas projects on a case by case basis" was welcomed by industry as the current state-based approach stymied future investment and growth in the national economy.
"Australia has a huge inherent advantage in energy and energy resources and is at the forefront of global innovation and technology advancements, but we need consistency of policy to ensure maximum advantage to our economy in the coming decade," Ms Taylor said.
"NERA is providing a framework for thinking differently about technological opportunity, sustainability and a low emissions future in the energy resources sector. By helping shape regulatory reform and productivity improvements, NERA is also playing a role in securing investment, global competitiveness and domestic energy supply.
"A lower emissions future, and the role all sources of energy can play in achieving that, is widely accepted by the energy resources sector, just as the sector has acknowledged that the fast adoption of technology and innovation has become key to ensuring productivity and sustainability.
"Improving engagement with communities and stakeholders and transparency around industry's performance are also critical to the energy resources sector future, and we welcome Dr Finkel's recommendations around improving access to transparent and informative gas industry performance data, and fair compensation to landholders."
As Australia works to ensure a secure and reliable National Electricity Market, NERA will continue to play a vital role for the future of the sector, pursuing strategic projects to develop and commercialise innovation for the benefit and growth of the Australian economy.