Invest
Morrison says net-zero won’t be achieved in wine bars, but fails to provide national plan
Invest
Morrison says net-zero won’t be achieved in wine bars, but fails to provide national plan
Prime Minister Scott Morrison has pledged to spend an extra $540 million on clean energy projects, as Australia prepares for the climate summit.
Morrison says net-zero won’t be achieved in wine bars, but fails to provide national plan
Prime Minister Scott Morrison has pledged to spend an extra $540 million on clean energy projects, as Australia prepares for the climate summit.
The announcement comes just days before Mr Morrison is set to join US President Joe Biden’s climate summit via Zoom, with the PM announcing on Wednesday morning that the government’s new pledge will create 2,500 jobs and substantially curb emissions.
However, climate lobby groups are disappointed with the new spending, highlighting it will not do enough to offset Australia’s carbon emissions.
Roughly half the money will be spent building hydrogen hubs in industry-exposed regional areas, such as the Pilbara in Western Australia and Whyalla in South Australia.
The rest of the money will go towards carbon capture and storage facilities.
Richie Merzian, climate and energy director at The Australia Institute think tank, hit out against Australia’s climate change plan, highlighting that Australia will likely be forced to do some heavy lifting under the Biden administration.
“This is a federal government that will do the absolute minimum required to just keep its seat at the table, but do nothing beyond that,” Mr Merzian said.
The announcement comes off the back of a speech the PM gave at the Business Council of Australia, where he said net-zero won’t be achieved in the “wine bars of our inner cities” – but current policy settings suggest Australia could have a tough time achieving this goal overall.
Not willing to admit this possible failure, Scott Morrison said Australia would reach net-zero as “quickly as possible, and preferably by 2050”.
“I’m increasing in confidence with the plan that we’re developing to achieve that.”
“We are not going to meet our climate change targets through punishing taxes. I am not going to tax our industries off the planet. We are going to meet our ambitions with the smartest minds, the best technology and the animal spirits of our business community,” he said.
Mr Morrison placed the emphasis on the business community, noting they need to do the heavy lifting, praising the work of minors and the private sector and pledging to support them instead of issuing punishment through carbon taxes.
“We need to change our energy mix over the next 30 years on that road to net-zero emissions. Last week I was in Western Australia and saw firsthand the groundbreaking work that Andrew Forrest and Fortescue are doing as part of our energy transition as a way of sustaining jobs in the resources sector,” Mr Morrison said.
“The work that’s being done on green hydrogen is already attracting considerable interest from many countries. I spoke with Ken McKenzie earlier today, here this evening, about the work that BHP is doing to unlock the potential of CCS and introduce emission-free surface mining vehicles in their fleet. Have no doubt Rio Tinto, when we meet soon, will be telling me similar stories.”
Mr Morrison believes that net-zero will “be achieved by the pioneering entrepreneurialism and innovation of Australia’s industrial workhorses, farmers and scientists”. While those facing a national disaster might act, Mr Morrison failed to outline a national plan.
RELATED ARTICLES
About the author
About the author
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
Economy
Australia's Economic Resilience: Strong GDP growth challenges RBA's policy stance
In a surprising turn of events, Australia's economy has shown greater resilience than anticipated, with the latest Q2 GDP report revealing a stronger performance largely driven by vigorous household ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
Australian and Korean leaders meet to unlock billions in new trade opportunities
In a significant effort to bolster economic ties and explore new avenues for investment, Australian and Korean leaders, alongside business executives and government officials, are gathering in Seoul ...Read more
Economy
Australia’s growth beat is real — but it’s the wrong kind for capacity
Australia’s economy outpaced forecasts in the June quarter as households opened wallets and government spending did the heavy lifting, even as public investment sagged. The signal for boardrooms: ...Read more
Economy
Australia’s growth is back—but it’s the wrong kind of strong
GDP surprised on the upside in the June quarter, powered by households and government outlays even as public investment slumped. The Reserve Bank stayed hawkish, signalling that sticky services ...Read more
Economy
Australia's Economic Resilience: Strong GDP growth challenges RBA's policy stance
In a surprising turn of events, Australia's economy has shown greater resilience than anticipated, with the latest Q2 GDP report revealing a stronger performance largely driven by vigorous household ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
