The list of groups who don’t support net zero by 2050 gets smaller and smaller and at the top of the list is Scott Morrison’s Government.
Japan committing to net zero emissions by 2050 is a hugely significant development and great news for global action on climate change.
With Japan’s announcement, more than 60 per cent of Australia’s two-way trade is now with countries driving to net zero by or near (in China’s case) mid-century.
In adopting net zero emissions by 2050, Japan joins over 73 nations, every state and territory in Australia, the Australian Industry Group, the Business Council of Australia, the National Farmers Federation, Australia’s major energy companies, our biggest airline, our biggest mining company, our biggest bank, our biggest telecommunications provider, and countless experts and scientists.
The Investor Group on Climate Change cites economic modelling which shows Australia would create $63 billion in fresh investment opportunities over the next five years and over $1 trillion to 2050 by strengthening climate targets and policies in line with reaching net zero emissions by mid-century.
Australia’s largest exporters support a net zero emissions target because they understand Australia can become a clean energy superpower, leading to stronger economic growth and more jobs.
But they are also concerned that the Government’s refusal to adopt a target will jeopardise Australian planned free trade agreements with the European Union and the United Kingdom.
The EU and the UK are insisting on stronger climate targets as a condition of the FTAs they are negotiating with Australia.
The Morrison Government is prepared to risk those jobs by doing nothing on climate change and insisting that targets be excluded from trade deals.
It’s up to Scott Morrison to explain why he won’t commit to net zero emissions by 2050.