While Labor’s 2019 Climate Acton Plan has been completely rewritten compared to the plan they took to the 2016 election the target of 45% emissions reductions (from 2005) by 2030 remains the same. I can’t recall whether they espoused zero emissions by 2050, as they do now, I think it may have been 90%. Their overall strategy is, I think, based on six considerations.
Firstly, Labor acknowledges the cost of doing nothing:
Failure to act on climate change will expose the Australian people and environment to devastating costs for our economy, society, security, health and environment. Experts at the ANU, University of Melbourne and CSIRO estimate failing to keep global warming to below two degrees will eventually cost the average Australian household $14,000 per year.
Secondly, they say:
Labor accepts the science of climate change and endorses the Paris Agreement to keep global warming well below two degrees Celsius as well as a more qualified commitment around a 1.5 degree threshold.
Pupils from hundreds of schools in over 55 cities and towns across Australia are using the action to call on all politicians to stop Adani’s coal mine, say no to all new fossil fuels and power Australia with 100 per cent renewable energy by 2030.
Big investors have slammed the Morrison government’s “big stick” approach to the electricity sector, saying any move to force companies to cut prices will have a major impact on profits, future investment and result in less competition in the long term. Continue reading Big investors slam ‘big stick’ approach→
“The more the government do things, the more private investors hold back. The more private investors hold back, the more there is a need for government to do things,” he told The Australian Financial Review.
“You get in a position where, looking out several years, the market as we know it disintegrates. When that happens you need very, very deep pockets to fill the gap.”
That was the headline in the dead tree version of the AFR. Bill Ferris is the outgoing Science and Innovation Australia chair. He says he didn’t find the Coalition government’s rewriting of the ACCC report to support coal-fired power a helpful signal, but:
what I am seeing – and you see it in the US as well – is that business and state governments are getting on with alternative energy sources, mainly renewables and storage,” said Mr Ferris, a veteran venture capitalist.
Scott Morrison put in a fine effort to stop the votes that would have retained Wentworth for the Liberals. And he succeeded. Now he seems intent on stopping the $200 billion worth of investment that will be needed to transform the electricity sector.