COP this: Albo’s climate conference could cost us ‘billions’

Anthony Albanese wants Australia to host a climate change conference, as SA pitches for COP31. But the Coalition says it could cost “tens of billions” in climate financing.

Taxpayers would be on the hook for tens of billions of extra dollars on climate financing should Labor host a Conference of the Parties (COP) in Australia, the Coalition has claimed.

South Australia is formally bidding to host the COP31 climate change conference next year, with its pitch declaring it would bring more than 30,000 people into the state while delivering an estimated benefit to the state of “more than $500 million”.

Prime Minister Albanese revealed on Friday that he hoped to “host a COP” in Australia, while hinting that he would have “more to say about that during the campaign”.

Host nations face significant pressure to demonstrate ambition to make any climate conference a success.

The Coalition claims nations and partners committed to a total of $263.4 billion in climate finance over the past three years, with Australia also potentially ending up paying billions extra should it host a COP.

Australian Labor Prime Minister Anthony Albanese on the first day of the election race. Picture: Jason Edwards/NewsWire

COP26 ended up costing the UK and partners more than $52.65 billion after it agreed to several commitments such as a five year climate finance pledge and adaptation funding.

Egypt and partners ended up making more than $15 billion in climate pledges during COP27, while the United Arab Emirates and partners committed over $195 billion while hosting COP28.

Noting the cost of living crisis, Opposition Climate Change and Energy spokesman Ted O’Brien accused Labor of having the wrong priorities.

Minister for Climate Change and Energy of Australia, Chris Bowen during Question Time at Parliament House in Canberra. Picture: NewsWire / Martin Ollman

Should Mr Albanese and Climate Change and Energy Minister Chris Bowen proceed to host a COP, then Australians needed to know just how much they would be up for, he said.

“Our priority is to get costs down for everyday Australian households and businesses. Labor’s priority is hosting a global climate change summit,” he said.

“If Anthony Albanese and Chris Bowen want to host COP, they need to be upfront with the Australian people and answer three simple questions – what new commitments are they making on behalf of Australia, how much will it cost and who is footing the bill?”

“If Labor wants to host COP, they should be transparent about their plans so that everyone — opposition and public alike — knows the truth.”

Originally published as COP this: Albo’s climate conference could cost us ‘billions’