Mixed Greens: Deeper emission cuts would cost little extra

An analysis by London-based consultancy Vivid Economics and Monash University has found that Australia could increase its emission reduction target to 25 per cent by 2020 from 5 per cent for little additional cost. The study, released by WWF-Australia, found that because of falling global carbon prices, the impact on GDP from such a move would amount to just 0.01 per cent.

“The economic costs of a 25% target are four times lower now than estimated back in 2009 when the Government and Opposition first reached bipartisan agreement on an unconditional cut to emissions of 5%,” WWF spokesperson Will McGoldrick said. He said much of the 25% reduction would be achieved by buying cheaper-than-expected overseas abatement permits. “This is the upside to the low carbon price – we can achieve much more for the same impact on GDP,” he said in a statement.

“If we can achieve a target that is five times stronger for virtually the same cost to GDP then it’s a no-brainer – we’d be mad not to take that opportunity. It’s smart for the planet, it’s smart for our future, and it’s smart for Australia’s world standing. No matter who wins the next election, there will be growing international and domestic pressure on Australia to lift its 2020 carbon pollution target above the unconditional 5% target.” The study did not examine the Coalition’s “Direct Action” policy, but noted it could not achieve the 25% target at the same low cost because the Coalition explicitly rules out the use of international permits.

More funds for Australian solar research

The Federal Government has announced that 25 solar researchers will receive fellowships to pursue research into making solar technologies cheaper and more accessible to consumers. The $3 million in funds is being channeled through the Australian Renewable Energy Agency, and is designed to maintain Australia’s reputation as a leader in solar technology development.

Resources and Energy Minister Gary Gray said the research would focus on potential “game-changers” for the industry, including highly efficient silicon solar cells to projects looking at ways to improve the efficiency of low cost organic solar cells. The fellowships will build on support already provided to 61 solar PhD and postdoctoral researchers through the former Australian Solar Institute. Further information can be found here.