The Turnbull government has effectively vacated the field on climate change mitigation. Until it shows that it is serious on the matter, there can be no certainty, no end to the climate wars.
The Energy Security Board working for the Turnbull government has come up with a National Energy Guarantee which does no work on emissions reduction, because the target of 26% will be met almost as soon as the policy becomes operational. From the post NEG becomes a farce, this is what is forecast to happen:
Kane Thornton CEO of the Clean Energy Council says NEG car is worth buying, even if tyres need pumping up, the flat tyre to him being the 26% emissions reduction target, which will be met by work under way before the NEG starts. If you want to use that analogy, the NEG is like a car without an engine, because it does no work.
“It is very simple: We are overloading the atmosphere with heat-trapping gas and the rest is details,” Mr Vesey told an investor briefing in Sydney, where he again forcefully ruled out any investment in new coal-fired power.
He said there were two strategic imperatives that govern all AGL’s investments – affordability and the tenet that the future will be carbon-constrained, making new coal too risky as an investment.
Here is the vision splendid. The promise is to save a typical Queensland family an average of $160 a year over the next two years, and then a further $300 per year from 2020. LNP leader Tim Nicholls said on TV that the average family would save about 10% on their bills.
I don’t know why that is supposed to be so stunning. Labor is promising $50 pa immediately, plus $146 pa in 2017-18 and $216 pa in 2018-19 from actions taken to put downward pressure on prices since the Queensland Competition Authority struck a new standard price for 2017-18 in early June. Here it is:
According to Giles Parkinson at RenewEconomy, energy minister Josh Frydenberg has written to the Energy Security Board (ESB) to make sure they stay focussed on the task at hand. He has asked them “to restrict its modelling to only one specified short term target, and then assume emissions would “flatline” after that.”
The intention of the order is clear: If the ESB were to factor in a long term target that matched the over-riding goal of the Paris climate treaty (keeping global warming well below 2°C), it would no doubt produce a document for the rapid decarbonisation of Australia’s grid.