Chris Bowen clinging to 1.5C dream despite Donald Trump wake-up call
Chris Bowen says he remains hopeful that global warming can be limited to close to 1.5C above pre-industrial levels despite the world’s largest economy pulling out of the Paris agreement.
Chris Bowen says he remains hopeful that global warming can be limited to close to 1.5C despite the world’s largest economy pulling out of the Paris agreement, staring down the change of direction by the US with a new $2bn investment into the government’s green bank for renewables projects.
The Climate Change and Energy Minister said Labor would move full-steam ahead in the transition to net-zero no matter what other countries were doing, declaring he was willing to work with the governors of individual US states to open up new markets for low-carbon exports.
Both Labor and the Coalition are refusing to outline 2035 emission reduction targets before the election, with either an Albanese or Dutton government to make public Australia’s next international climate commitment in the next parliament.
“We’ve always based our policies on Australia’s interests, Australia’s economy, Australia’s circumstances, and they haven’t changed,” Mr Bowen said.
“The key to our economic future is investing in the jobs and energy of the future, the new renewable energy, so we can unlock markets which will require decarbonised products.”
Mr Bowen – who refused to concede Labor would not meet its pre-election pledge to lower electricity bill by $275 by this year – said the US climate retreat should not deter other nations from trying to limit global warming to 1.5C.
The goal of the Paris agreement is to limit global warming to “well below” 2C while pursuing efforts to “limit the temperature increase to (an average of) 1.5C above pre-industrial levels”.
But even before the election of Donald Trump, the goal of 1.5C began looking increasingly unlikely and 2024 was the first year to pass that threshold.
“I’m not giving up on that and every little inch of difference above 1.5C makes a big difference,” he said.
“The implications for being massively over 1.5C for human health, for our population, are very significant.”
The $2bn top-up of the Clean Energy Finance Corporation comes just days after Labor unveiled $2bn of support for the decarbonisation of the aluminium industry.
While he attacked Labor’s “renewables only” climate change agenda, Peter Dutton delivered his strongest defence yet of why a Coalition government should not follow Mr Trump and leave Paris.
The Opposition Leader said leaving the international climate agreement would deliver a hit to Australia’s trade and economic growth, leading to job losses.
“We are an export nation, so unlike the United States we are a small nation, we are a population of only 27 million people,” Mr Dutton said.
“We produce more than we can consume and farmers and manufacturers rely on markets in Asia, in Europe, in America, to export our products.
“And we have signed up to an international agreement which, I think, will have continuing relevance for countries in Europe.
“The future dynamic can change but we have to act in our country’s best interests and to have European countries, for example but not exclusively, apply tariffs to our exports would mean a loss of economic activity here, a loss of jobs.”
The Australian understands the Coalition is planning on setting medium-term emission targets if it wins power – as required by the Paris agreement – despite Mr Dutton saying on Thursday “we’re not having targets”.
The Coalition has previously flagged it would not set medium-term emission targets in opposition, but Mr Dutton’s language at a press conference on Thursday left open the possibility that he may not set a 2030 or 2035 target in government.
Despite refusing to reveal his own medium-term targets before the election, Mr Dutton attacked Anthony Albanese for not outlining Labor’s 2035 ambition before the poll, due in May.
“The Prime Minister is hiding this before the election because he doesn’t want people to know what the 2035 target will mean for electricity prices,” Mr Dutton said.
“In terms of our target commitments, we have committed to net-zero by 2050. That is the commitment we have made and that is what we will honour.”
Mr Bowen hit back at Mr Dutton, saying “this is a man who doesn’t have a 2030 target and he is lecturing other people”.
“He’s got more front than David Jones. He goes out there and starts talking about 2035 when he can’t tell you or your colleagues or Australians what his ideas for 2030 are,” he said.
The $32.5bn CEFC, created by the Gillard government in 2012, invests in large-scale renewable projects and transmission lines, while also making loans to households and businesses to switch to green energy technologies.
CEFC chief executive Ian Learmonth said it was the first government top-up of the fund’s core portfolio since it was seeded with $10bn, with the extra funding to be focused on “increasing investment in much-needed renewable energy generation and energy storage projects”.
“CEFC investment commitments through the general portfolio include renewable energy generation and storage, property, electric vehicles, infrastructure and natural capital,” he said.
“They also include capital for our asset finance programs, which have already provided discounted finance to households, business and farmers across close to 80,000 smaller-scale clean energy investments.”
Mr Bowen said “every dollar the CEFC invests creates at least $3 of private sector investment and makes money for taxpayers”.
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