Australia is in a strong position to undertake ambitious emissions reductions and even reach 100 per cent renewables and zero net emissions by 2050 without any serious financial hardships.
These are the findings of a report from the Australian National University’s Centre for Climate Economics and Policy. The report, which was commissioned by WWF Australia, was released ahead of the Federal Government’s decision on Australia’s post-2020 emission reduction targets expected in June.
“Deep cuts to Australia’s emissions can be achieved, at a low cost,” said report author and associate professor Frank Jotzo. The report even found that Australia’s economy would continue to grow even as deep cuts to greenhouse gas emissions are made because it is getting cheaper to cut emissions.
Australia is also well situated to become ambitious in its emission cuts. “With our abundant renewable resources we are one of the best placed countries in the world for moving to a fully renewable electricity supply.”
Jotzo believes that Australia can achieve zero net emissions by harnessing energy efficiency, implementing a zero-carbon electricity system, switching from fossil fuels to decarbonised electricity and improving industrial processes.
WWF Australia welcomed the report’s findings that carbon reduction targets based on science are not just desirable, but affordable as well.