Sunday, June 26, 2022

Australia plans to reach net zero emissions by 2050

The Morrison 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.

Prime Minister Scott Morrison and Minister for Industry, Energy and Emissions Reduction Angus Taylor today released Australia’s Long Term Emissions Reduction Plan (the Plan), to deliver net zero emissions by 2050.

“The Plan will deliver results through technology, not taxes,” he said.

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.

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.

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The Plan focuses on driving down technology costs and accelerating their deployment at scale across the economy.

Over the next decade, our 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 Plan also identifies the potential for continued technology advances and breakthroughs to unlock ultra low cost solar. As part of the annual update to the Technology Investment Roadmap, we have set a stretch goal of solar electricity generation at $15 per megawatt hour (MWh). Australia is a world leader in renewable energy, and cheap, clean electricity is integral to lowering emissions in the electricity sector and other industries in Australia.

The Plan shows how our priority technologies will deliver 85 per cent of the emissions reductions necessary to achieve net zero by 2050. This is achieved through our strong track record, with emissions already more than 20 per cent lower than 2005 levels, the Technology Investment Roadmap which will reduce emissions by around 40 per cent, global technology trends that will reduce emissions by 15 per cent, and high-integrity offsets that will achieve at least a further 10 per cent reduction.

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It includes five-yearly reviews that will enable us to evaluate progress, and adapt to advances in technology.

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.

“Australia now has a target to achieve net zero emissions by 2050, and we have a clear plan for achieving it,” the Prime Minister said. “The Plan outlines responsible, practical action to achieve net zero that is in our national interest.

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