Growing calls for net-zero emissions

Liberal MPs, superannuation fund chiefs and business leaders are calling on Scott Morrison to commit to net-zero emissions by 2050 and raise ambition on 2030 targets.

Liberal NSW MP Fiona Martin says Australia needs a ‘specific target with a plan’ as she issued a direct plea to Mr Joyce to back a net-zero by 2050 policy. Picture: NCA NewsWire / Gary Ramage

Liberal MPs, superannuation fund chiefs and business leaders are calling on Scott Morrison to commit to net-zero emissions by 2050 and raise ambition on 2030 targets after Josh Frydenberg warned there would be economic consequences if Australia was perceived to be a climate laggard.

Acting Prime Minister Barnaby Joyce declared he would be open to backing a net-zero target if there was proof it did not hurt the regions, with city-based Liberals hoping the Prime Minister can seal a deal with the Nationals allowing Australia to commit to the goal at a global climate change conference in Glasgow in November.

However, senior government sources say the Prime Minister is still considering avoiding a specific 2050 target. The government may instead outline a plan showing Australia could reach carbon-neutrality before the middle of the century, without formally updating targets.

Liberal NSW MP Fiona Martin said Australia needed a “specific target with a plan” as she issued a ­direct plea to Mr Joyce to back a net-zero by 2050 policy.

“My message to Barnaby Joyce is get on board with net-zero emissions by 2050,” Dr Martin said.

She said climate change had become an issue of growing concern in her marginal electorate of Reid in Sydney’s inner west, ­despite it not having the climate profile of other Liberal seats such as Wentworth and North Sydney.

The government’s only formal climate change commitment is to lower emissions by 26-28 per cent on 2005 levels by 2030. It will ­release projections ahead of Glasgow showing Australia will beat its 2030 targets.

Fortescue chairman Andrew Forrest said urgent action to achieve net-zero emissions by 2050 was “critical”.

“For this revolution to happen, we need targets. Targets are the major success driver of a workforce and its leadership in any project. Targets are like aiming for a gold Olympic medal. No targets, no success,” Mr Forrest said.

“Targets are our last chance to slow, then stop, the planet cooking. Australian businesses need a target. Children of the world need Australia to act.”

AustralianSuper chief executive Ian Silk said “targets are critical to ensuring a timely, effective, and just transition”

“An obvious benefit of clear targets is … this gives more certainty to businesses and investors, increased regulatory certainty means lower risks for businesses and investors, and consequently facilitates greater investment,” Mr Silk said.

The Treasurer delivered a speech on Friday signalling his support for net-zero emissions by 2050, warning businesses, homeowners and borrowers would face higher borrowing costs if the ­nation was locked out of foreign capital markets over the issue.

Mr Morrison said the government was yet to finalise its decision over whether to back a net-zero by 2050 target.

“Unless we can get the technology transformation occurring in developing countries, then I fear that the ambitions that so many have for addressing climate change will be frustrated,” Mr Morrison said.

The Weekend Australian understands the Morrison government will release its final Future Fuels electric vehicle strategy in coming weeks, before unveiling a long-term emissions reduction strategy ahead of the UN Climate Change Conference.

The combined effect of the ­Future Fuels blueprint, international climate partnerships and technology investment road map, promising $20bn in government funding, is expected to help the government drastically improve its longer-term emissions reduction outlook.

On Friday, state and territory energy ministers agreed to continue work fine-tuning the details of the controversial capacity mechanism, dubbed “Coal-Keeper” by its critics. The mechanism would offer ­financial incentives to encourage the construction of dispatchable power sources and prevent the premature closure of coal generators.

West Australian Liberal MP Celia Hammond said it made ­“environmental and economic sense” to commit to net-zero by 2050. Ms Hammond said she would be “comfortable” if there was an update to the 2030 target or the creation of a new 2035 target requiring more ambitious ­immediate action

She said a plan for net-zero emissions by 2050 would have to be “credible” with targets or benchmarks along the way to show whether Australia was on track to meet the commitment.