Frydenberg on climate change and environment
Transcript of Frydenberg flyer Jan 2022.
JOSH FRYDENBERG MP FEDERAL MEMBER FOR KOOYONG. TREASURER FOR AUSTRALIA
Lowering emissions the Australian way
Australians want action on climate change.
They also want affordable electricity, secure jobs and opportunities for the next generation. Our Government is acting to deliver net zero emissions by 2050 in a responsible way that will secure more Australian jobs. Australia has a strong record of beating our emissions targets. Since 2005, Australia's emissions have fallen by more than 20%. This is more than the USA, Canada, Japan and New Zealand. We are on track to reduce emissions by up to 35% by 2030, beating our commitments. Our technology Investment Roadmap will unlock new investment that will further lower emissions -including clean hydrogen, carbon capture and storage and ultra low-cost solar. Our Plan will be reviewed every five years to evaluate progress and adapt to new technology advances. By supporting technology not taxes our plan will lower emissions and ensure a strong econonomy for Australia's future.
Australia's record in lowering emissions
Australia's emissions have fallen more than New Zealand, Canada, Japan and the USA (since 2005). Australia's emissions are down more than 20% since 2005, the average for the OECD countries is only 7% We are on track to beat our 2050 emissions target.
Emissions Reduction (on 2005 levels)
- Canada -1%
- New Zealand -4%
- OECD average -7%
- Japan -10%
- United States -17%
- Australia -20%
All international data from last available UNFCCC inventory year (2019) except Australia (2020) National Inventory) and OECD (2018, World Resources Institute).
See our plan for net zero emissions inside
Our plan for net zero by 2050
What is net zero?
Net zero means making Australia carbon neutral, and any emissions are offset. It means that we reduce emissions - through technology - and then offset the remaining emissions through, for example, storing carbon in new forests or underground.
Our Long-Term Emissions Reduction Plan is Australia's first comprehensive plan to achieve carbon neutrality by 2050, and is geared to our unique economy. Over the next decade, a $20 billion investment in our Technology Roadmap will unlock $80 billion in public and private investment — including in clean hydrogen, carbon capture and storage, and energy storage. The plan includes five-yearly reviews that will enable us to evaluate progress and adapt to technology advancements.
- Technology, not taxes
- Expand choices, not mandates
- Drive down the cost of a range of new technologies
- Keep energy prices down with affordable and reliable power
- Be accountable for progress
Global momentum to net zero
While many countries are moving slower, they are moving in the same direction. 90% of Australia’s exports go to countries with a commitment to net zero. Big decisions taken by countries, investors and companies to reduce emissions pose an opportunity - for Australia. Our plan manages these impacts - reducing our emissions, while ensuring more jobs.
Electricity Price Rises
- Labor 101%
- Liberal 3%
How Australia will achieve net zero
- -20% Australia’s emissions are already over 20% lower than in 2005.
- -40% Our Technology Investment Roadmap - will reduce emissions by a further 40%.
- -15% Global technology trends - shift in global demand and technology will reduce our emissions by a further 15%.
- -10 to -20% Offsets - storing carbon in soils and vegetation - and working with Indo-Pacific neighbours - will reduce emissions by a further 10% to 20%*
- Future technology breakthroughs - will reduce emissions by a further 15%,
The technology roadmap
Australia's Technology Investment Roadmap will invest in technologies, including:
- (H2) Clean hydrogen - will create new industries and help existing industries to make cleaner products.
- Energy storage - ranging from batteries to Snowy Hydro 2.0 - will make our grid reliable, improving the reliability of renewables.
- Low emissions steel, aluminium and cement will be new opportunities for Australian manufacturing.
- Ultra low-cost solar - will provide the cheapest energy in history.
- Carbon capture and storage - which returns emissions back underground.
- Soil carbon - will give farmers a new source of income and make their land more productive.
Benefits for Australia
Our plan will ensure Australia builds on its existing strengths while taking advantage of new economic opportunities
- Each Australian will be almost $2,000 better off by 2050, compared to no action.
- Our plan is estimated to deliver more than 100,000 new jobs for Australians - by 2050.
- The real value of Australian exports is expected to more than triple between 2020 and 2050.
- Household electricity bills are expected to be lower than today, with the advancement of technology.
Six ‘Priority' Technologies
To get to carbon neutrality the world needs to stop new emissions and return those already in the atmosphere into the ground. New technologies are the only way to do both. The government has identified six ‘priority’ technologies for Australia’s conditions:
We need to replace fuels like petrol - and that's what clean hydrogen does. We can become one of the world's largest hydrogen exporters. That's why we are investing $1.2 billion to build an industry that will be a boost for regional Australia.
Ultra Low-Cost Solar
1 in 4 Australian homes already have solar — the highest uptake in the world. The next generation solar cells will generate electricity more efficiently and be lighter and cheaper to install, slashing household bills. It can also be used to create hydrogen, energy for industry and ensure Australian exports stay competitive. Ultra-low cost solar could help turn the Australian desert into a power station.
All energy has limits and for renewables it is natural forces like access to wind and sun - so storage fills its reliability gap. Storage is often a fancy word for batteries which can be used at a community level, along transmission lines and through using smart technology. Australia's biggest energy storage facility will be the Snowy Hydro 2.0 scheme that recycles water so it can be turned ‘on’ and ‘off like a battery.
Low Emissions Materials
We still need new buildings, but constructing and using them will need to use less energy in the future. That's what low emissions materials do. We make them using renewables and being more efficient. In some cases, materials such as bricks can become forms of storing carbon.
Carbon capture and storage
To build solar we need to extract metals that cause emissions. These will have to be captured and put back underground The oil and gas industry has been using this technology for years, and Australia has significant storage sites.
Social (Soil?) carbon sequestration
Soil carbon returns emissions from the atmosphere into the ground. Because Australia has a large land mass, we have a natural advantage and is one of the best ways to reduce emissions. This will also provide a source of income for farmers.