Private vehicles users and heavy industries, as well as farmers, will need to contribute to Australia’s 2030 and 2050 emissions ambitions, according to the government’s independent climate change advisory body, which warns renewable energy cannot do all the work.

In a rare interview as prices for carbon credits hit records, Climate Change Authority chairman Grant King and chief executive Brad Archer also predicted there would not be enough offsets to allow heavy emitters to continue business-as-usual in coming years.