Global finance leaves Australia behind in the march to net-zero emissions

Scott Morrison dismissed Anthony Albanese’s commitment to net-zero emissions by 2050 as "Bill Shorten 2.0". Surely better than the Prime Minister's effort – Tony Abbott 4.0. Then there's the equation proposed by the Nationals' senator Matt Canavan: net-zero emissions equals net-zero jobs. So, that would amount to no job losses, eh? Oh, the tyranny of all-too-simplistic slogans.

EnergyAustralia's Yallourn generator.

The world, meanwhile, is leaving Australia behind. While our politicians dither, a net-zero target is now embraced by almost half of the world’s gross domestic product – some 121 nations. It was just 16 per cent of GDP nine months ago, according to the Energy and Climate Intelligence Unit in Britain. Major global financial institutions, too, are declaring their exit from coal.

In Australia, where Labor has declared its commitment to net-zero by 2050, the party should be under scrutiny to provide its thinking on transition pathways and how they will be managed. But so should the Morrison government be pressured to substantiate its claim that Labor's path would cost jobs, raise electricity prices and hurt regional Australia. Both the Coalition and Labor should admit the tremendous opportunities for new industries and jobs from an effective energy transition.

Read the opinion piece from The Age by John Hewson - “Global finance leaves Australia behind in the march to net-zero emissions.”