‣ Australia lags behind in energy transition away from coal
‣ Lack of policy clarity hurting investment in new power sources
Source: Greenpeace via EPA |
It’s emblematic of Australia’s dilemma: blessed with some of the world’s richest natural environments, from Kakadu wetlands in the Northern Territory to the primordial Tarkine rainforest in Tasmania, yet reliant on mining and exporting one of the most ecologically-damaging fossil fuels to keep its economy ticking.
The government is primarily focused on mollifying voters hit with higher electricity bills and sees coal as the solution. Yet those same voters also want more action against climate change, with 84 percent wanting the government to boost renewable power generation, according to a June poll by Australian think tank the Lowy Institute.
Power Mix Down Under Keeping the coal fires burning |
Source: Bloomberg NEF
Note: Data for 2017
|
The need for change is becoming more urgent, according to a panel of scientists convened by the United Nations. The world must invest $2.4 trillion in clean energy every year through 2035 and cut the use of coal-fired power to almost nothing by 2050 to avoid catastrophic damage from climate change, the UN’s Intergovernmental Panel on Climate Change wrote in a report last month.
The atmosphere is already almost 1 degree Celsius (1.8 Fahrenheit) hotter than it was at the start of the industrial revolution and on track to rise 3 degrees by 2100, according to the report. That’s double the pace targeted under the 2015 Paris climate agreements.
“Post-Paris, the world has largely moved on toward adopting a de-carbonization pathway,” Christoph Frei, chief executive of the World Energy Council, said during a visit to Australia last month. “In Australia, we don’t have that certainty and that’s probably the worst situation you can be in.”
An increase in 1.5 degrees would pose an increased risk of coral bleaching on the iconic Reef, longer droughts on the driest inhabited continent and more intense bushfire seasons, according to Howden.
Many Australian lawmakers still find the economic argument for supporting coal more compelling than avoiding possible environmental Armageddon. The fuel is overtaking iron ore as Australia’s largest export earner this fiscal year, with taxes from more than $40 billion a year in overseas sales helping bolster government coffers. Australia generates about 80 percent of its power from coal and gas, compared with the global average of about 59 percent, according to Bloomberg NEF data.
Fossil Fuel Fetish Coal and gas still make up bulk of Australian power generation |
Source: Bloomberg NEF
Note: Data for 2017
|
“The government is committed to drive down power prices for Australian businesses and families, while we keep the lights on,” Energy Minister Angus Taylor said in a written response to questions sent by Bloomberg. “There are already record levels of investment in Australia’s renewable energy sector,” and the nation is on track to meet its emissions reduction and large-scale renewable energy targets, he said.
‘No Effective Policy’
Not everyone is convinced. Tim Flannery, perhaps Australia’s best known environmentalist, said the country’s Paris targets were underwhelming compared with developed world peers and “even those targets look unachievable.”
“The government has no effective policy to achieve them,” Flannery said in an interview.
Unlike the Trump administration, Australia has not formally withdrawn from the Paris framework. But Morrison’s government is refusing to legislate or regulate measures to ensure the targets will be met. The nation is the world’s number one carbon emitter on a per-capita basis and its renewables capacity is among the lowest in the developed world.
The policy vacuum makes it difficult for energy companies to make investment decisions needed for the transition to cleaner power.
“It’s hard to decide to invest in long-life assets when you don’t know what the rules of the game are around carbon constraint,” said Sarah McNamara, chief executive officer of the Australian Energy Council, which represents companies in the wholesale and retail energy markets.
ANU’s Howden says Australia’s lack of action on climate change is perplexing to many of his international colleagues.
“When other countries look at us,” he said, “they wonder why we’re not aligning ourselves with what they see as our own self-interest.”
Links
- Abbot Point Port
- Climate Crisis Spurs UN Call for $2.4 Trillion Fossil Fuel Shift
- Adani Water Project Bypasses Full Environmental Impact Assessment Against Advice
- Federal Government To Lend Money To Adani Business Associates
- Bill Shorten Says There's A 'Role For Coal' And Adani Mine Just 'Another Project'
- Suspicions Adani Altered Lab Report While Appealing Fine For Abbot Point Coal Spill
- Former UN Climate Chief Says World Doesn't Need Australia's 'Toxic' Coal
- Coal's Days Are Numbered, Top Government Adviser Says
- The Morrison Government’s Biggest Economic Problem? Climate Change Denial
- Can We Quit Coal In Time? IPCC Warns World Has Just 12 Years To Avoid Climate Change Catastrophe
- Australia Doesn’t Care To Break Its Coal Habit In The Face Of Climate Change
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