Thu. May 26th, 2022

The nation’s business community is urging the government to adopt a far more ambitious short-term goal of reducing CO2 emissions if the nation is to have a chance of reaching net zero by 2050.

A new report from the Business Council of Australia (BCA) has predicted a boost of 890 billion. Dollars for economic activity as a result of a drastic reduction in carbon emissions and the creation of 195,000 jobs over the next five decades – especially in regional areas.

BCA warned that forging a path to net-zero would require a significant emission reduction target by 2030.

“An emission reduction range of 46 to 50 percent is both pragmatic and ambitious,” the report said.

“Accelerating our decarbonisation efforts now with known, commercially viable technology will reduce the cost of transition later and make it easier for Australia to achieve a net zero economy by 2050.”

The intervention comes when the Liberal and National Parties negotiate a net zero by 2050 with warnings from Deputy Prime Minister Barnaby Joyce that any transition to a cleaner economy cannot come at the expense of industries in regional Australia.

Angus Taylor speaks at the shipping box while Scott Morrison listens in
The government will not say when it will report on its revised emissions targets ahead of the Glasgow summit later this month.(

ABC News: Toby Hunt

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BCA, which represents some of Australia’s top emitters such as energy and mining companies, noted that it was areas such as the electricity sector that had to cope with the heavy lifting.

“The continued decarbonisation of the electricity system – combined with wind and solar reducing electricity prices – will open up opportunities for other sectors to electrify and reduce emissions,” the report said.

BCA has previously been critical of higher emission reduction targets and marked a 45 per cent. Targets like “economic destruction”.

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But now the organization is bubbling with the virtues of a cleaner economy.

“The costs of passivity in uncontrolled climate change are high and detrimental to economic growth and jobs. In contrast, coordinated and early action will create net economic growth and jobs,” the report said.

Joyce did not appear to be convinced of the modeling during a speech to the WA Nationals conference, in which he again highlighted fears that the energy sector would be decimated.

“Honest statements are not enough, and BCA and those you represent – you are now on the hook for what you state, the costs are now yours,” Joyce said.

“Future governments will say you asked for this, and if it’s a flop, if it’s a disaster, as the energy crisis is now in Britain, Europe and China, you have to pay to fix it.

The federal government has not yet explicitly committed to a net-zero target by 2050 and is under pressure to make the pledge ahead of the COP26 climate summit in Glasgow in late October.

Prime Minister Scott Morrison has previously said he was not prepared to “sign a blank check” without a clear plan to achieve such a goal by this deadline.

“The key, as we have always said, is that you must not just make promises without plans, you must have a plan to live up to those promises,” said Finance Minister Simon Birmingham.

“All the work we have done to date to ensure that when we have made promises to reduce emissions and reduce them by 2030, we have had plans to get there.

“And what Australians will increasingly see when we release updated lanes around Australia’s emissions is that the plans we’ve put in place are working to reduce Australia’s emissions.”

Senator Birmingham would not comment on exactly when the government would reveal its revised targets ahead of the Glasgow summit.

Chris Bowen looks into the distance at a press conference with autumn colors behind him
Shadow Energy Minister Chris Bowen says regional Australia is being betrayed by the government.(

ABC News: Mark Moore

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“I have made it very clear that Australia should improve its medium-term goal at the Glasgow Conference,” said shadow energy minister Chris Bowen.

“Whose [the government doesn’t], we will outline a very strong roadmap towards net zero in 2050, including in the medium term, well in advance of the next election. “

Bowen argued that the junior coalition partner held the government and their voters hostage on the issue of climate policy.

“They are now betraying regional Australia every single day.”

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