Rupert Murdoch warns of serious consequences for Australia as it pivots towards renewables
The chairman emeritus of News Corp says the push to develop more affordable energy sources will compromise the nation’s economic competitiveness and lead to more power outages.
Australia is “on the wrong track” with its approach to climate and energy issues, and risks untold damage to the national economy in the pursuit of its net zero goals, Rupert Murdoch has warned.
The chairman emeritus of News Corp (publisher of The Australian) says the push to develop more affordable energy sources will compromise the nation’s economic competitiveness and lead to an increase in future power outages.
In an interview to mark Monday’s 60th anniversary of The Australian newspaper, Mr Murdoch says there will be serious consequences for Australia as it pivots towards renewables and reduces its reliance on gas.
Conducting the interview, Paul Whittaker – a former editor-in-chief of The Australian and the current chief executive officer of Sky News Australia – asks Mr Murdoch: “Do you think the net zero targets are achievable, and can Australia and other first world countries get the balance right between concerns for the environment and climate and maintaining a competitive economy and affordable energy?”
Mr Murdoch replies: “No, I think we’re absolutely on the wrong track.
“I’m not a climate denier. I might be a sceptic of some of the things that are said. But you’re going to have blackouts … the cost of living will go up all over the world.
“But there are things to do, abolish coal and have natural gas which is cheap and clean.
“In Australia, we’re throwing away gas. I just think we’re damaging ourselves competitively and foolishly.”
Under legislation introduced by the Albanese government in 2022, Australia has an emissions target reduction of 43 per cent from 2005 levels by 2030, and net zero greenhouse gas emissions by 2050.
Last week, The Australian reported that Labor’s proposed green-ratings system would reject gas as a sustainable investment under its draft framework, despite the Albanese government declaring the energy source was “key” to its ambitious renewables rollout and pursuit of net zero by 2050.
Under the proposed ratings rules, institutional investors looking to improve the sustainability rating of their portfolios would likely be turned away from pouring capital into the gas sector.
Gas has been listed as a “phase down” sector in a consultation report released by the Australian Sustainable Finance Institute, which has been tasked by Treasurer Jim Chalmers with creating a green ratings system to “help drive capital into activities that will decarbonise the economy at the speed and scale required to reach our global climate goals”.
The Australian: 60 Years of News, Monday 15 July 8pm AEST. Stream at skynews.com.au
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