We welcome the adoption by the Federal Government of a target of Net Zero by 2050. This must be supported by a clear, accountable and ambitious roadmap for successful implementation in our cities and in our regions.
We urge the government to seize the momentum by lifting the 2030 carbon emissions reduction target ambition and committing to significant investment in the acceleration of clean technologies, to keep the country on track towards meeting its zero emissions goals.
Overcoming domestic political inertia is key to a more ambitious roadmap to 2030.
Regardless of what Australia does, the momentum around the world to reduce the carbon footprint will impact on the whole Australian economy. Business Council of Australia (BCA) research shows that inaction could badly affect our exports and cost trillions to the Australian economy. Supporting regions dependent on traditional high-emission industries to transition to cleaner forms of energy production will be essential, while creating new job and export opportunities.
Fourteen of our largest 20 trading partners, covering 83% of our exports, have signed up to net zero emissions by mid-century.
Federal Treasurer Frydenberg points out the punishing implications for the cost of capital and its availability to Australia at a competitive price, if markets see that we are not transitioning in line with the rest of the world.
This is in addition to the overbearing climate challenges that our future generations will face if climate change is left unchecked.
Australia with its open spaces, abundance of clean energy resources, skilled workforce and ability to develop and adopt new technologies is very well placed to take advantage of a clear pathway to Net Zero emissions. According to BCA research low emissions technologies could deliver $30 billion a year of new export revenue by 2040, if the country focuses on energy intensive, low emissions products. That means jobs and economic resilience for the community.
Work has been done by many organisations including the Grattan Institute and BCA, to provide guidance on policies that could achieve ambitious carbon reduction targets. There are domestic and international examples of climate change action that includes a range of policies that incentivise new technologies and penalise inaction.
Failure to act now to implement and invest in an ambitious, clear and nationally consistent roadmap, will raise the costs to all Australians of the transition to net zero and deprive them of the benefits which accelerated transition can offer.
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About the Committees for Cities and Regions Network
The Committees for Cities and Regions Network is not politically motivated or aligned, and works in harmony with many groups, stakeholders and organisations that are also acting in the best interests of their communities. The Network is a unifying voice and does not advance the self-interest of any individual member organisation.
The Network represents Committees for Adelaide, Auckland (NZ), Ballarat, Brisbane, Broome, Canterbury (NZ), Cairns, Echuca Moama, Geelong, Gippsland, Gold Coast, Greater Frankston, Greater Shepparton, The Hunter, Melbourne, Mornington Peninsula, Perth, Portland, Sydney, Wagga and Wyndham.