Emissions Road Ahead Revealed
Australia’s energy and emissions reductions plans are now well mapped out and ready to strengthen our national recovery. By Tim James.
Australians are all too aware of how much political difficulty and damage the energy and emissions portfolio has delivered in the last decade or so. Elections, leaderships, careers and more have been won or lost many times through the making, and moving, of policy in this area.
Policy delivery and reform is never easy but equally it need not be so elusive nor divisive, and a back-to-basics approach can bring real results: make commitments, earn a mandate, map out a plan and make it happen. Ensure good consultation, communication and alignment along the way.
On energy and emissions reductions, two parts of the one portfolio presently held by Minister Angus Taylor, the third vital step, “map out the plan”, is now forging ahead after the last fortnight.
As the Minister wrote in the Sydney Morning Herald last week, Australia’s competitive advantage has always been based on affordable and reliable energy. Each of the dozen closures of coal fired power stations since 2012, and more to come, must be made up with reliable and affordable power for Australian people and businesses.
For a long time now, the MRC has been researching, writing and advocating the compelling case that is greater gas supply for Australia given the conditions we face. Gas is now well on the road to growth with recent announcements and developments coming both from government and the market. It’s also encouraging to see union bosses calling for more gas, even if their chosen party can’t make up its mind.
Last week, “The Watercooler” reported on how there’s only side of politics with clear and consistent positions on emissions reductions targets – the government.
This week that position became more clear, particularly into the longer-term, with the release of Australia’s Technology Investment Roadmap and the first Low Emissions Technology Statement.
The four core principles driving these developments are paramount. Firstly, a relentless focus on outcomes. The deployment of technology not taxes. Thirdly, respect for consumer choice. Finally, to maintain a balance of fuel and technology sources - ie more horses in the race, not less.
The Minister’s Press Club Address this week is a must read to understand the road ahead.
It was also a timely reminder of our strong national record in emissions reductions. Despite activist assertions that we are laggards, the fact is Australia has done well in emissions reductions, and comparisons with so many countries, including Canada and NZ, confirm as much. We lead the world in renewable energy investment, deploying wind and solar at 10 times the global per capita average.
So much of the politics of energy and emissions is dominated by electricity and it’s essential this is put in context because it makes up only 32 per cent of our total emissions.
Therefore it makes plain sense that the roadmap ahead must and will broaden efforts to address the other 68 per cent of emissions outside the grid. One important such space is in agriculture, a great Australian sector which can do much more in sustaining both our economy and environment.
A key project for the MRC at present, partnering with others, is in the field of regenerative agriculture to deliver a more resilient, productive and sustainable approach to Australian farming.
Part of the opportunity here lies in soil carbon capture, one of the investment paths prioritised in this week’s roadmap. Some simple facts outline why.
Farmland represents about 60% of Australia’s land. If we improve agricultural practices in 25% of Australia's agricultural land, as we are researching, it could result in up to 90 million tonnes of emissions being drawn from the atmosphere each year. That represents 20% of our total annual emissions. So the opportunity is enormous. Stay tuned for more detail and developments in the regenerative agriculture space. The Minister also pointed to improvements in how we can measure and cost soil carbon capture through technology.
As Minister Taylor said this week, the way forward on energy and emissions is “investing in technology development, by using human's innate ingenuity and enterprise to solve hard problems” – a very Menzian approach we would suggest.
Importantly it’s the right approach in the interests of all Australians and the continent we inhabit. The road ahead on energy and emissions is getting clearer, stronger and brighter and the Menzies Research Centre is proud to be playing its part in key areas for growth.