AsianOil: Australia unveils net zero roadmap, remains committed to coal, gas

The Australian government has not only laid out its plan to achieve carbon neutrality by 2050 but has also thrown its support behind the country’s coal and natural gas producers and exporters.
Australian Prime Minister Scott Morrison unveiled the government’s Long-Term Emissions Reduction Plan (LTERP) on October 26, describing it as a “credible pathway” to net zero by 2050.
Morrison said the country had already reduced emissions by 20.8% from 2005 levels and that the LTERP would lower emissions by a further 40%. Global technology trends are expected to reduce emissions by 15%, high-integrity offsets will achieve a further 10% reduction and “future technology breakthroughs” are anticipated to close the gap.
At the same time, and despite mounting pressure, Morrison said the 2050 target would not be enshrined in law and that five principles would guide the plan to ensure that “Australia’s shift to a net-zero economy will not put industries, regions or jobs at risk”.
These principles are: technology not taxes; expanding choices while avoiding mandates; driving down new technology costs; keeping energy prices down; and being accountable for the country’s progress.
Canberra expects that the government’s AUD20bn ($15.02bn) investment in low-emissions technology over the next decade will unlock at least AUD80bn ($60.08bn) worth of similar private and public investment. The government has highlighted green and blue clean hydrogen, carbon capture and storage (CCS) and energy storage as target areas for investment.
Morrison said: “The plan will deliver results through technology, not taxes. It respects people’s choice, and will not force mandates on what people can do or buy. It guarantees that we keep downward pressure on energy prices and secures reliable power. It will ensure Australia continues to serve traditional markets, while taking advantage of new economic opportunities.”
Energy and Emissions Reduction Minister Angus Taylor, meanwhile, said the plan would preserve existing industries and jobs, adding: “It will not shut down coal or gas production, or require displacement of productive agricultural land.”
The government has noted that Australia is expected to reduce emissions by up to 35% by 2030 from 2005 levels, above the targeted 26-28%.