Business and energy industry leaders have warned the Coalition that abandoning a net zero emissions target will not cut power bills, undermining the core promise of Sussan Ley’s signature new policy.
The chief executive of the Australian Chamber of Commerce and Industry (ACCI), Andrew McKellar, dismissed the policy as a “bit of a plan not to have a plan”, as the Coalition’s traditional business allies distanced themselves from it.
The opposition leader spent Monday selling the strategy, which includes abandoning any net zero target, dismantling the government’s climate policies, pumping more gas into the market and extending the life of coal-fired power stations.
In one aspect that has angered moderate Liberals, a future Coalition government would allow the capacity investment scheme – currently restricted to renewables and storage – to use taxpayer funds to underwrite coal-fired power.
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On Monday Ley promised the “technology neutral” approach would bring down power prices, repeating her claim that Labor’s policies were to blame for higher energy bills.
“Power prices will come down under us, because downward pressure will be put on power prices,” she told 2GB.
“Now, I know people are going to ask me how much, but from where they will be when we get into government, if we’re fortunate enough to be elected, you will see downward pressure from that point on.”
The climate crisis is caused by carbon dioxide and other greenhouse gases being pumped into the atmosphere, where they trap heat. They have already caused a significant increase in average global temperatures above pre-industrial levels recorded since the mid-20th century.
Countries and others that set net zero emissions targets are pledging to stop their role in worsening this by cutting their climate pollution and balancing out whatever emissions remain by sucking an equivalent amount of CO2 out of the atmosphere.
This could happen through nature projects – tree planting, for example – or using carbon dioxide removal technology.
CO2 removal from the atmosphere is the “net” part in net zero. Scientists say some emissions will be hard to stop and will need to be offset. But they also say net zero targets will be effective only if carbon removal is limited to offset “hard to abate” emissions. Fossil use will still need to be dramatically reduced.
After signing the 2015 Paris agreement, the global community asked the Intergovernmental Panel on Climate Change (IPCC) to assess what would be necessary to give the world a chance of limiting global heating to 1.5C.
The IPCC found it would require deep cuts in global CO2 emissions: to about 45% below 2010 levels by 2030, and to net zero by about 2050.
The Climate Action Tracker has found…
Read More: Business and energy leaders warn Coalition dumping net zero won’t cut power
