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
RBA May Consider Early Rate Hike Amidst Economic Growth and Inflation Concerns
Australia's economic landscape is witnessing a dynamic shift as the Reserve Bank of Australia (RBA) grapples with the implications of recent growth figures and inflationary pressures. The latest GDP ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
RBA May Consider Early Rate Hike Amidst Economic Growth and Inflation Concerns
Australia's economic landscape is witnessing a dynamic shift as the Reserve Bank of Australia (RBA) grapples with the implications of recent growth figures and inflationary pressures. The latest GDP ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
