The federal government is yet to set a target of net zero emissions by 2050 but the Treasurer has used a speech and several media appearances to push the case to finalise a plan.
Key points:
- The Treasurer warned investors could take their money elsewhere if Australia was seen as lagging on climate action.
- The PM has expressed a desire to reach net zero emissions "preferably" by 2050 but internal division has prevented him from setting a legislated target
- Nationals leader Barnaby Joyce has given tacit support, as long as it doesn't hurt regional areas
Australia is under increasing international pressure to agree to the 2050 goal, with the US and UK seeking assurances Australia will deliver a sufficient reduction on emissions.
Prime Minister Scott Morrison has expressed his desire for Australia to reach net zero emissions "preferably" by 2050, but internal division within the government has prevented him from setting a legislated target.
With just weeks to go before a major climate summit in Glasgow, Treasurer Josh Frydenberg warned investors could take their money elsewhere if Australia was seen as lagging on climate action.
"Australia has a lot at stake," he said during a virtual speech to business leaders.
"We cannot run the risk that markets falsely assume we are not transitioning in line with the rest of the world."
Frydenberg warns households will suffer if Australia is punished
Mr Frydenberg said if markets believed Australia was not acting on climate change, it could have an effect on households and small businesses.
"When it comes to Commonwealth government bonds, close to half are held by foreign investors," he said.
"Reduced access to these capital markets would increase borrowing costs, impacting everything from interest rates on home loans and small business loans to the financial viability of large-scale infrastructure projects."
Mr Frydenberg insisted Australia was doing enough to tackle climate change but indicated the government should better explain the action that had been taken.
"We have been part of that transition, we are part of that transition, and we will be part of that transition," he said.
Much of the international debate has moved past a net zero by 2050 target.
Just yesterday at a meeting of Pacific nations, UN secretary-general Antonio Guterres said nations including Australia must be more ambitious.
Mr Guterres said a 45 per cent reduction in emissions by 2030 was needed if countries were to reach carbon neutrality by mid-century, far above the government's current target of 26 to 28 per cent.
"If we follow the current path, the consequences of climate disruption for the prosperity, the well-being and the very survival of Pacific communities will be severe," he said.
Speaking from Washington DC, the Prime Minister stressed the importance of helping developing countries tackle climate change.
After a meeting with India's Prime Minister Narendra Modi, Mr Morrison announced plans for the two countries to work together on the issue.
"At our meeting today we agreed to go forward with a low emissions technology partnership, a partnership that will focus on hydrogen development [and] ultra low-cost solar programs to support their energy transition," he said.
"If we want to address climate change, then we need to address the change that is necessary in developing economies, so they can grow their economies, build their industries, make the things the world needs."
Treasurer backs firm net zero target
Mr Frydenberg said the government was yet to make a final decision about a 2050 target but when asked for his view he backed the idea.
"I certainly see it [as being] in our interest being part of these global agreements, and many countries, over 100, have agreed to net zero," he told ABC News Breakfast.
"Hopefully we get the right result."
The Treasurer also took questions after giving his speech and made clear that reaching an agreement within government would be difficult.
"It is a sensitive topic and there's no hiding the fact there are differing views among some of the colleagues, but at the same time people recognise the systemic and structural changes that are taking place," he said.
There are some within the Nationals that have voiced their concerns about the 2050 target and have warned it could hurt the resources and agriculture sectors.
In his strongest indication yet he may be prepared to accept a net zero target, Nationals leader and Acting Prime Minister Barnaby Joyce indicated he would support reaching net zero emissions, provided regional areas did not suffer under the plan.
"I've got no problems with any plan that does not leave regional areas hurt," he told the ABC.
But he stressed that a plan was essential and warned if that did not happen, Australia could end up in a similar situation to the UK, where gas prices have surged.
"Planning has to be part of this," he said.
"We want to make sure that the crisis in the UK does not happen in Australia, we want to make sure that people in Gladstone, Singleton etc … keep their job and their standard of living."
But some Nationals remain unconvinced the target will not cause problems for the agriculture and resource sectors.
ABC News: Matt Roberts
)The Treasurer used his speech to also send a somewhat pointed message to the finance sector not to boycott or withhold funding from big emitters.
He said businesses had a lot to gain from cutting their carbon footprint but to do it they would need support.
"It is wrong to assume that traditional sectors like resources and agriculture will face decline over the course of this transition," he said.
"There is a message to Australian banks, super funds and insurers.
"If you support the objective of net zero, do not walk away from the very sectors of our economy that will need investment to successfully transition."
But Shadow Energy Minister Chris Bowen said the government was taking too long to come up with a long-term plan.
He accused the Treasurer of talking but not acting on tackling climate change.
"If Scott Morrison and Josh Frydenberg really think that net zero is such a good idea, why don't they get on and do it," he said.
"I mean, enough speeches, enough sound grabs, enough positioning. Change the policy of the country."
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2021-09-24 04:31:38Z
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