Major new report from ClimateWorks suggests Australia should aim for 50% renewables by 2030, as important stepping stone to zero-carbon economy by 2050 – when we will still have air-conditioning, drive cars, and enjoy a thriving economy.
An unheralded G20 report calls on nations to introduce carbon pricing; little wonder Australia doesn’t want climate change mentioned at the November summit. Meanwhile, Abbott determined to keep Australia at margins of global climate talks, and will not offer new targets.
Just as Australia dumps its carbon price, investor groups representing $24 trillion of funds under management call for carbon pricing across the globe, as the push for a new international climate agreement gathers pace.
Greens leader Christine Milne has called on Australia to commit to being “net carbon zero” by 2050, and commit to cutting emissions by up to 60 per cent by 2030. Australia should phase out coal fired power stations by emissions regulation, as had occurred in US and China.
The news gets worse and worse for the coal industry, but the smart investors have already bailed from the sector. Despite this, Australia continues to bet the future of its economy on a commodity in terminal decline, and turn its back on the technologies of the future.
$100 billion invested in wind, or solar PV, will result is significantly more energy yield as the same amount invested in oil, according to a new analysis. This is particularly true when wind and solar is used to charge electric vehicles. By 2035, wind could produce 6-times more energy per dollar invested than oil.
Major new report says Big Oil’s business model is waning, and world’s oil majors should start directing much more capital to renewable projects, so they can be the ‘energy majors’ of the future, rather than ending up as the oil majors of the past.
The future of the rooftop solar industry looks more assured after Labor pledges support for current legislation, and Save Solar campaign expands and gains political traction. However, the outlook for large scale wind and solar developments remains uncertain.
UBS says electric vehicles will deliver large amounts of battery storage for effectively zero incremental cost, allowing critical infrastructure to support the increase in variable renewable energy generation to be incorporated for free. And EVs could have a personalised ‘ID’ for charging and discharging.
HSBC says there is now clear momentum towards a low-carbon global economy. It even coins a new phrase – 2°C finance – and is confident of a Universal Climate Agreement in Paris next year. But will Australia be open for low-carbon business?
CCA chief Bernie Fraser says keep 41,000GWh renewables target, but allow more time for it to be met. And use Direct Action to help permanently close coal generators that are passed their useful life.