CPRS delay case rings hollow Media Release

Apr 30, 2010 - 5:00pm

Global low-carbon investment and climate policy has accelerated since Copenhagen undermining the case for Australia to “wait” for international action on climate change, a report from The Climate Institute released today shows.

“The international trends are clear. Governments around the world are driving new and additional clean energy investments not less. Government and Opposition claims of international action are not supported by real world realities or current global investment trends,” said Erwin Jackson, Deputy CEO of The Climate Institute. 

“Australia is the first major economy to step away from real action to address climate change.”

“The Government’s decision to shelve an emissions trading scheme, which provides the lowest cost transition to a clean energy economy, when many of our competitors are gearing up to compete in the global low-carbon economy, is economically reckless.”  

Since October 2009, 154 new policy announcements and measures have been made globally – the highest ever in a four month period. Since Copenhagen, more than 100 advanced, emerging and developing countries have also submitted national pledges to tackle climate pollution. 

In 2008, studies showed that – investment in new renewable power capacity in 2008 exceeded that for coal, oil and gas technologies by an estimated US$30 billion. Global investment is expected reach US$200 billion in 2010. 

The Climate Institute report Global climate policy post-Copenhagen: progress and prospects also highlights that credible domestic action is one of the keys to building further global ambition after Copenhagen.

“Neither the Government or the Opposition have an internationally credible plan to meet the promises they have made to the international community,” said Mr Jackson.

“Instead of turning the corner on climate pollution in the next term of Government and meeting credible 2020 reduction targets, both major parties current policies will struggle to get pollution to fall before 2020.  

“Australia’s international climate credibility is teetering on the edges of ruin. Real domestic policies from both major parties to limit and price climate pollution, to stop propping up climate polluting industries and support investments in clean energy and climate solutions are needed to pull this back from the brink.

“The coming budget will also be critical to our global credibility testing whether Australia will meet our international commitments to help finance clean energy investments in the world’s poorest nations and G20 commitments to phase out subsidies on coal, oil and gas.”
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