Albanese, Bowen take us on a mystery climate tour
The irony of Labor’s ruthless attacks on Peter Dutton’s “$600bn nuclear plan” is that the government has never put clear price tags on its renewables revolution and suite of policies designed to cut pollution faster.
After a decade of Coalition rule mired in climate wars and energy brawls, the Prime Minister and his Minister for Climate Change and Energy, Chris Bowen, seized the political opportunity and endorsement from big business to accelerate Australia’s emissions reduction and renewables targets.
After inner-city Liberals were blasted out of parliament by Climate 200-backed teal independents, the parliamentary majority in favour of stronger climate change action has swelled.
With the government still hopeful of securing co-hosting rights with Pacific nations for next year’s UN’s COP31 summit, Albanese and Bowen are finalising major climate announcements ahead of visiting the UN in New York later this month.
Before unveiling Australia’s 2035 emissions reduction target, Bowen will release a National Climate Risk Assessment. The armageddon assessment and adaptation plan, expected to be released as early as next week, will include government modelling outlining the cost of climate inaction. The report will be used to build a narrative supporting a higher 2035 emissions reduction target.
The problem for the government is it’s already struggling to hit its 43 per cent emissions reduction and 82 per cent renewables targets by 2030. If Australia is falling short on its current targets, many voters will find it hard to believe the country can go harder and faster.
Ahead of Albanese speaking at its annual dinner on Monday, the Business Council of Australia has changed course on its previous position that the country should go for gold on climate targets. A new report warns of cost, workforce and delivery pressures the government faces as it ratchets up Australia’s 2035 target.
The report, which does not model broader net zero economic impacts, reveals that if Australia’s 2035 emissions reduction target exceeds 70 per cent, new capital investment costs must lift to between $435bn and $530bn.
The industry group, which represents the country’s largest employers, does not provide any recommendations on new climate targets. Bruised by the Albanese government’s union-backed industrial relations laws and lack of appetite for economic reform or cutting red tape faster, the BCA is being careful to not provide Albanese and Bowen with cover.
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The long-term costs and economic impacts of Anthony Albanese’s net-zero transition, emissions reduction targets and renewables rollout remain a mystery.