Clean hydrogen, solar and wind farms, hydro, carbon capture and energy storage are the future of the green energy industry.
But do the climate policies being taken to the next election by our two major parties align with this technology? And for business owners, how will the results of the next election impact them?
What is Scott Morrison’s climate policy?
The Morrison Government has set an interim 2030 target of a 26-28% reduction on emissions levels, compared to 2005 levels. This ladders into their commitment to achieve net zero emissions by 2050 under its Long Term Emissions Reduction Plan.
Over the next decade, the government has pledged $20 billion of investment in low emissions technology, which it forecasts will unlock a further $60 billion of private investment.
The Government’s plan to reach net zero emissions by 2050 has been criticised for being light on detail as to how it will achieve this goal, while also failing to provide a clear pathway or policy for transitioning Australia’s economy.
What is Labor’s climate policy?
The Federal Opposition Labor party’s climate policy aims to deliver lower electricity bills and lower emissions, with an emissions reduction target of 43% below 2005 levels by 2030. This is a much more ambitious target than the Liberal Party.
Labor’s 2030 commitment, if implemented in government, would satisfy Australia’s obligations under the Glasgow Climate Pact, which was agreed at COP26, and called on parties to “revisit and strengthen the 2030 targets in their nationally determined contributions as necessary to align with the Paris Agreement temperature goal by the end of 2022”.
Labor claims their modelling will unlock $52 billion in private investment and would cut the average annual household power bill by $275 by 2025.
What is the Greens climate policy?
Unsurprisingly, the Greens have the most aggressive climate policy of all. They have their sights set on a net zero or net negative Australian greenhouse gas emissions by 2035, if not sooner.
They point to Australia’s exports and domestic per capita pollution levels, which make it one of the largest contributors to the climate crisis. The Greens want to urgently reduce domestic greenhouse gas emissions to net negative, by actively supporting international efforts to remove global emissions from the environment and adapt to the impacts of the climate crisis.
Adam Bandt, leader of the Australian Greens and federal MP for Melbourne, says the party targets seats held by both major parties, because “as well as kicking the Liberals out, we need Greens in balance of power to keep Labor on track”.
What do these policies mean for businesses?
Whichever party gains or retains power at the next election, it’s clear that climate change and its consequences are increasingly driving consumer choices.
Research released in October 2021 found that 7 out of 10 consumers prefer products that don’t contribute to climate change, suggesting that businesses need to adopt eco-friendly practices and remain accountable for their contribution to pollution.
Taking steps such as decarbonisation, adopting green energy where possible, changing behaviour, increased transparency around operations and committing to climate-related targets will all contribute towards building trust and market share.
Is your energy consumption as green as it could be? If that’s part of your goals we’d love to help you find an energy plan that is kinder to the environment and offers great value for money – contact us today.