COMMENT | Now the race begins

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Reports and Analysis  |   Tim Buckley  |  Sep 9, 2022

COMMENT | Now the race begins

The Australian Government has rejoined the global fight against the climate crisis, legislating a 43% emissions cut by 2030. From an inflated 2005 peak, this is no giant feat of ambition, but it is a good start. It builds momentum on a number of years of climate ambition by our State Governments, both of blue (energy minister Matt Kean in NSW) and red (Lily D’Ambrosio in Victoria and Mick de Brenni in Queensland) persuasion.

Importantly, it also builds on other acts in the first 100 days of the new government. A review to restore integrity and investor credibility in the carbon credits scheme. Introducing the start of a positive EV policy. Promising some industrial sector ambition with a rejuvenated Safeguard Mechanism. At the very least, an end to the climate wars, and a clear direction of travel consistent with the climate science, critical for restoring confidence by investors and corporates.

The opportunities for Australia to assist the world in decarbonisation are enormous. Australia already produces half the world’s lithium, and is in the top four in rare earths, copper, nickel and graphite. Australia can be a critical minerals mining and refining and renewables superpower. Ours for the taking!