By Julian Leeser
The Morrison Government has recently announced our plan for net zero emissions by 2050.
As part of that plan, the Government is investing $20 billion in low emissions technologies, which are expected to further unlock at least $80 billion in private sector investment over the next decade in technologies like clean hydrogen, carbon capture and storage, soil carbons, battery storage and low emission aluminium and steel.
Additionally, unlike many countries, we are committed to accountability and transparency regarding our efforts on climate change.
Every five years, the Productivity Commission will be generating a report to record reductions in emissions and their effect on the economy.
We have already come a long way.
We met and beat our 2020 emissions reduction targets and our emissions are now down more than 20% compared to 2005 levels. At the same time our economy has grown by 45 percent.
Reducing emissions provides us with an opportunity for greater economic growth.
We went to the last election with a 2030 emissions reduction target in place and we are on track to not just meet but beat that target. Our emissions have fallen faster than comparable countries like the United Sates Canada, New Zealand, and Japan.
Ninety percent of our exports are to countries with net zero commitments. Global momentum to tackle climate change is building. Countries with net zero commitments make up over 80 percent of world GDP.
Our export partners and global financial markets are already making the decision that this is where they want to go, and Australia needs to meet the market for our exports.
If we take action now Australia can be a leader in emerging low emissions technologies which take advantage of our natural resources.
Our plan will provide a pathway that ensures we will protect our environment as well as strengthen our economy.