The Albanese government and business are forging ahead with a carbon cut plan, just as the Sun Cable blow up shows the practical difficulties of decarbonisation.
Two seminal but diverging events this week personified both Australia’s material progress in climate change policy and the practical challenges of meaningfully reducing carbon.
Labor’s price cap is a bid to shield business from the risk of future cost spikes and provide certainty under its decarbonisation plan.The cap-and-trade scheme known as the carbon “safeguard”, would in effect put a price on carbon for the industrial sector accounting for 28 per cent of the economy’s emissions, almost a decade after former prime minister Tony Abbott abolished Julia Gillard’s more comprehensive economy-wide carbon tax.
“Complete decarbonisation of the global economy by 2050 is now conceivable only at the cost of unthinkable global economic retreat, or as a result of extraordinarily rapid transformations relying on near-miraculous technical advances.”Fossil-fuel rich Australia is now seemingly embracing the challenge of decarbonising the economy.
“There is much more technological optimism,” he says. “There is also much wider consensus around both the need to act on climate and that this is also an economic opportunity – indeed most of the affected companies have made their own commitments to net zero, which the reforms are largely reinforcing.”
Outside the electricity sector, the largest 215 emitting industrial facilities will need to cut their emissions by an average of 4.9 per cent each year through to 2030. Comley says the “authorising environment” from the public for action on climate policy has changed from 10 to 15 years ago, when people were less willing to bear some personal costs.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Questions raised for Sun Cable project ‘if it does still go ahead’Questions are being raised about the 'timeline” of the Sun Cable project “if it does still go ahead”, says Darwin Bureau Chief Matt Cunningham. The “ambitious” Sun Cable project, once funded, is set to take solar energy from the proposed Barkly Region solar farm in the Northern Territory and send it “via a 4,200 kilometre sub-sea cable” to Singapore, according to Mr Cunningham. “2027 was the year that it was hoped Sun Cable would start providing that power to Singapore,” he said. “There is yet to be a final investment decision into this Sun Cable project that was expected by early next year.”
Read more »
Sun Cable enters administration but billionaire backer Cannon-Brookes reaffirms supportSun Cable, the company behind a massive solar farm and power export project planned for the Northern Territory, has appointed administrators.
Read more »
Sun Cable collapses despite backing from Forrest, Cannon-BrookesThe company had won backing from billionaires for a $30 million mega-solar project that would export energy through a transmission cable to Singapore, but has been placed into administration.
Read more »
$25b Sun Cable project collapses after dispute between Forrest, Cannon-BrookesThe ambitious Sun Cable renewable energy project has collapsed into administration after billionaires Mike Cannon-Brookes and Andrew Forrest were unable to agree on a path forward for the $25 billion business.
Read more »
Sun Cable enters administration, billionaire investor 'fully backs' solar companySun Cable, the company proposing a multi-billion dollar solar power export project, has entered voluntary administration. 9News
Read more »
NT government downplays doubts over $30 billion Sun Cable projectAs a breakdown between billionaire investors threatens one of the Northern Territory's brightest economic hopes, the NT government insists it and other major projects will still go ahead.
Read more »