The Australia Institute has released their report into Australia’s progress of its climate obligations under the Paris Agreement. The Report’s key outcome requires that Australia adopt an energy makeup of 66-75 per cent renewables by 2030 in order to meet commitments made under the Paris Agreement. In 2015, Australia adopted a Nationally Determined Contribution under the Paris Agreement to reduce carbon emissions by 26-28 per cent below 2005 levels by 2030. The Report suggested that the electricity sector (35 per cent of Australia’s emissions) should be the primary industry responsible for reductions as commercial alternatives in the form of renewables are commercial available and financially competitive. Industries such as agriculture, construction and manufacturing, while contributing to emissions, do not yet have industry-wide cost effective solutions.
Current Federal Government energy policy is made up of a collection of emissions reduction policies. The recent Finkel Review into Future Security of the National Electricity Market recommended that the Government adopt a Clean Energy Target to create market signals and stimulate investment. The Australia Institute Report found that ‘fluctuations in climate policy over the past decade have created uncertainty, undermining the ability of investors to judge the economic viability of alternative energy investments.’ The Clean Energy Target in the form recommended has not yet been adopted by the Federal Government. The Australia’s Institute’s Report suggested this adoption was vital in order to support Australia’s global commitments. The Report in full can be read here.
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