Do you have a spare $3.4 trillion a year? Yes, trillion.
That’s the estimated annual cost supposedly needed by 2034 to keep the globe from heating up more than two degrees Celsius, according to the latest report from the Intergovernmental Panel on Climate Change.
And if you think developing nations are going to be carrying the brunt of that cost…think again.
The report rather optimistically also calls for coal (of which Australia is the largest global exporter) to be phased out by 2050. The authors, perhaps, are unaware that 1,380 new coal plants are currently under development, according to Urgewald, a German environmental group.
With Australia already planning to phase out its last coal plant by 2050, our nation of just 25 million people, spread across an entire continent, is clearly not a leading contributor to emissions which may be impacting the environment.
With that in mind, Energy Minister Angus Taylor says it’s up to developing countries to reduce their emissions.
Mr Taylor says Australia contributes a small fraction of global emissions and is on track to reduce emissions in the electricity sector by 26% by 2030, based on 2005 levels.
‘The critical thing here is other countries, whether it’s China or India, the developing world is where there’s a great deal of growth in emissions,’ he told Sky News on Monday.
‘It’s going to be crucial that they, of course, contribute over time.’
The UN’s Intergovernmental Panel on Climate Change report was released on Monday. It calls for coal-fired power stations to be phased out by 2050 to prevent the most severe effects of global warming.
‘The key here is not to focus on an industry, it’s to focus on the outcomes,’ Mr Taylor said.
Prime Minister Scott Morrison says climate change is important to Australia’s Pacific neighbours, but he doesn’t want the nation to be ‘pulled around by the nose’ by scientific reports.
‘I’m not going to spend money on global climate conferences and all that sort of nonsense,’ he told 2GB radio on Monday.
Mr Morrison says Australia’s commitment to the Paris agreement won’t have negative impacts on electricity prices or jobs.
Since burying the National Energy Guarantee, which sought to ensure reliable supply while reducing emissions, the federal government has introduced several recommendations from the Australia Competition and Consumer Commission.
The energy minister has announced a price safety net and has flagged increasing competition in the sector and stamping out price-gouging.
However, Origin Energy CEO Frank Calabria says fixing a default price will result in unintended consequences and doesn’t focus on the cause of rising prices.
‘Capping prices would add complexity and cost, stifle investment and innovation and ensure that only the larger retailers such as Origin are able to effectively compete for customers,’ Mr Calabria wrote in the Australian Financial Review.
Labor has a 45% renewable energy target, and Opposition Leader Bill Shorten says fossil fuels will remain part of Australia’s energy supply.
‘What we want to see is more renewable energy in our energy mix because the technology, the jobs and the environment all benefit by greater emphasis on renewables and, in particular, it will lead to cheaper prices,’ Mr Shorten told reporters in Melbourne.
Free Report: Jason Stevenson exposes the ‘man made global warming’ hoax that we’ve been fed by the funding-hungry scientists — and reveals what could be in store for the next 20–30 years.
The Australian Tribune with AAP