The announcement of a new target should prompt a rethink of climate change policy measures, according to the energy industry (plus other target reactions).
After years of conflict, 10 leading industry associations and community organisations have issued joint principles that acknowledge the need for net zero emissions.
BP has acceded to shareholder demands for greater disclosure of its carbon risks, while an Australian super fund has backed efforts to secure a US investigation of reporting by Chevron and ExxonMobil.
The ultimate legacy of the mining industry's resistance to the carbon price might be a much more stringent and heavy-handed regulatory regime, says Australian Conservation Foundation CEO Don Henry.
Former climate change minister Greg Combet today urged institutional investors to take a stand against companies that try to avoid action on climate change.
The ACF has warned that it may opt for a far more combative approach if the carbon price is removed and business doesn't effectively deal with climate change.
A carbon price has been used to avoid or remove an EPBC greenhouse gas trigger, power station standards and CO2 approval conditions – but it would be 'open season' for their return if a carbon price goes, says environment group WWF.