The Morrison Government has today announced its roadmap to reach net zero emissions by 2050.
In releasing Australia’s Long Term Emissions Reduction Plan (the Plan), to deliver net zero emissions by 2050, Prime Minister Scott Morrison said the government will act in a practical, responsible way to deliver net zero emissions by 2050 while preserving Australian jobs and generating new opportunities for industries and regional Australia.
The technology-driven plan sets out a credible pathway to net zero by 2050, while preserving our existing industries, establishing Australia as a leader in low emissions technologies, and positioning our regions to prosper,” Prime Minister Scott Morrison and Minister for Industry, Energy and Emissions Reduction Angus Taylor said.
“The Plan is based on our existing policies and will be guided by five principles that will ensure Australia’s shift to a net zero economy will not put industries, regions or jobs at risk.
“The principles are: technology not taxes; expand choices not mandates; drive down the cost of a range of new technologies; keep energy prices down with affordable and reliable power; and, be accountable for progress.
“The Plan focuses on driving down technology costs and accelerating their deployment at scale across the economy. “
Over the next decade, the government predicts its existing $20 billion investment in low emissions technology is expected to unlock at least $80 billion of total private and public investment, including in clean hydrogen, carbon capture and storage and energy storage.
The Prime Minister said the Plan would continue to reduce Australia’s emissions while keeping our economy growing, maintaining affordable, reliable energy, and ensuring our regions remain strong.
Latest official projections released today show Australia is on track to reduce emissions by up to 35 per cent by 2030, well above our target of 26 to 28 per cent.
What it means for the business community
AREEA supports Australia’s ambition to achieve net zero carbon emissions by 2050.
“AREEA supports Australia’s strategic objective to reduce carbon emissions to net zero by 2050,” Chief Executive Steve Knott AM said.
“In doing so, AREEA’s resources and energy sector members will play a key role in reaching this objective by delivering the technologies, raw materials and services required to transition and decarbonise.”
Australian Chamber CEO Andrew McKellar also said the release of the Morrison Government’s roadmap provides businesses with a plan to achieve the technological and economic transition towards net zero.
“Australia needs to pull its weight when it comes to action on climate change, in line with domestic and international expectations. The Federal Government’s announcement today confirms the importance of reducing our emissions while growing our economy and ensuring future prosperity,” he said.
“With our skilled workforce and abundant renewable resources, Australia is in a prime position to develop innovative renewable technologies to address climate change. This will support job creation, grow businesses, and drive our economic recovery.”
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