Anthony Albanese will set a target to cut emissions by 43% by 2030 and increase the share of renewables in the national electricity market to 82% if Labor wins the next federal election.
The ALP leader exposed Labor Party’s riskiest political pledge since the 2019 election defeat, saying a more ambitious target would boost $ 76 billion in investment and lower average annual electricity bills for citizens. households of $ 275 in 2025 and $ 378 in 2030.
Goalkeeper Australia revealed On Friday, the shadow cabinet approved a 43% target, which is lower than the medium-term target of 45% promised by Labor in the 2019 election, but higher than the Morrison government’s commitment to the Abbott era a reduction of 26-28% from 2005. levels.
The main mechanism Labor will use to cut emissions faster than current projections will be the Coalition’s existing safeguard mechanism. Improvements to this program are expected to reduce emissions by 213 million tonnes by 2030.
Ahead of the Cop26 summit in Glasgow, the Business Council of Australia urged the Morrison government to revise the existing safeguard mechanism, including reducing baselines to drive an orderly transition to net zero by 2050. The government rejected the proposal, but Labor adopted it as a central part of their policy.
The safeguard mechanism currently applies to 215 of Australia’s biggest polluters – companies that emit more than 100,000 tonnes of carbon dioxide or equivalent greenhouse gases.
Shadow Climate Change Minister Chris Bowen has said Labor will revise the program but not extend coverage to new entities – and companies will also be allowed to use offsets to achieve their emission reductions. Bowen said Labor would not subject any Australian business exposed to trade to more onerous climate regulation than its international competitors.
In the area of ââelectricity, the Labor Party will significantly modernize transmission infrastructure to accelerate the transition to renewable energy, invest in solar banks and install 400 community batteries. These measures should allow renewable energies to represent 82% of electricity production in Australia’s national electricity market by 2030, instead of 68% according to current projections.
Albanese has abandoned its 2019 pledge to introduce more efficient fuel standards to reduce transportation emissions – a policy the Coalition falsely referred to as a “weekend war.” But Labor will remove import tariffs and tax on electric car benefits below the luxury car tax threshold to boost consumer adoption of electric vehicles, and develop a more comprehensive strategy. for electric vehicles if it wins in 2022.
The political commitments were accompanied by modeling by Reputex market analysts. The analysis indicates that Labor’s transition plan will generate 604,000 direct and indirect jobs compared to a business-as-usual scenario, include $ 24 billion in new public investment and lead to 440 million tonnes of emission reductions between 2023 and 2030.
The Morrison government braced for another scare campaign over the higher 2030 target before the policy was unveiled.
Scott Morrison – who tried unsuccessfully to raise his own 2030 target before being thwarted by the National Party – said on Friday the 43% Labor target was not a ‘safe’ transition for workers from the Hunter Valley or the regional town of Gladstone in Queensland. , or for manufacturing jobs.
While major parties now agree that Australia is expected to achieve net zero emissions by 2050 and current emissions projections indicate Australia will reduce its emissions by 35% by 2030, the Coalition will continue to use the higher medium-term ambition of Labor as a political weapon in the Queensland sieges. and regional New South Wales.
Bowen told reporters in Canberra on Friday that he expected the coalition to lie about Labor Party policies. âThese guys are liars, and they will continue to lie,â he said.
“We are ready for a good strong debate on the future of Australia”.
Albanese said the preemptive strike showed the prime minister “will attack anything.” He said this suggested the government was “at its end of the line”.
“We see a government which has no plan for today, let alone a concept of a vision for tomorrow,” said the Labor leader.
Greens leader Adam Bandt said the new target meant Labor had ‘given up on the climate’.
The labor policy has been widely welcomed by stakeholders. The Business Council of Australia said it was “reasonable and achievable”. The Australian Chamber of Commerce and Industry said it was “encouraging to see updated 2030 targets that push the framework towards more ambitious action on climate change.”
The Climate Council welcomed the target but urged Labor to step up ambition.
“Right now, our country is the worst performer of all developed countries in reducing greenhouse gas emissions and moving beyond fossil fuels like coal, oil and gas.” , said Climate Council CEO Amanda McKenzie. âThe work plan is a major improvement, but it will need to be significantly strengthened to truly tackle climate change,â she said.
This sentiment was echoed by the progressive think tank Australia Institute. âAn increased 2030 target is a good first step, however the world has gone beyond the first steps,â said Richie Merzian, director of the climate and energy program at the Australia Institute.
“Australia needs a long term plan to end fossil fuels.”
A number of countries have increased the ambition of their 2030 goals in the run-up to Cop26. Australia was the only developed country not to adjust its commitment to 2030 before the Glasgow conference. Labor pre-election engagement compares with 40% in South Korea, 40-45% in Canada, 50-52% in the United States and 46-50% in Japan.