Australia called out for betting bigger on fossil gas
Australia is one of 16 countries failing to effectively decarbonise their power sectors in line with global climate goals.
The Climate Action Tracker (CAT) released a new analysis of progress across 16 major economies in gas, coal, and renewables. The results were mixed, with no country fully on track to meet a 1.5°C scenario.
Only one country could boast a 1.5°C compatible rating – the UK, for its coal exit. Four countries were moving in the “right direction” by exiting coal, with two of these – Chile and Germany – “ahead of the pack” on renewables.
Australia, meanwhile, is at a crossroads.Generation is dominated by coal, but we could transition rapidly.Unfortunately, Australia has no target year for decarbonising the grid, and continues to add new fossil gas capacity.
Australia’s attitude towards fossil gas is concerning - it provides around a fifth of the country’s power. There is no deadline to phase it out, and several Australian states are building or planning new gas capacity.
Climate Action Tracker says that fossil gas must be phased out by 2035 for 1.5°C compatibility, meaning that any new capacity risks stranded assets or, worse, not hitting the Paris target.
Similarly, there is no national plan to phase out coal despite an ageing, and increasingly unreliable, coal power fleet.
Moreover, the government’s stated renewable energy target of 82% by 2030 is not enshrined in legislation.In actual fact, to be 1.5°C compatible, Australia “needs to be generating at least 95% of its power from renewables in 2030.
Overall, developed countries must exit coal by 2030 in order to align with a 1.5°C compatible world, leaving room for the rest of the world to exit coal by 2040.