The Hon. Angus Taylor MP
Minister for Energy
The Hon. Melissa Price MP
Minister for the Environment
Independent research into Australia’s Paris climate target shows that we are on track to meet our Paris target five years early.
According to research undertaken by Australian ³Ô¹ÏÍøÕ¾ University (ANU) Professor Andrew Blakers, the electricity sector is on track to deliver Australia’s entire Paris emissions reduction targets by 2025.
The ANU research confirms the Government’s position: that we will meet our Paris target in a canter.
Australia’s emissions projections 2018 showed we will meet our 26 per cent target in the ³Ô¹ÏÍøÕ¾ Electricity Market (NEM) as early as 2022.
According to latest figures from the Clean Energy Regulator, over $25 billion will be invested in 18.8 GW of new renewable generation in the Australian energy sector over the years 2018-2020.
The research also recognises the need for investment in new, dispatchable generation and storage.
Despite record investment in renewables, we have seen significant supply and demand pressures in the NEM this summer.
Conditions experienced in January in New South Wales, South Australia and particularly Victoria where 200,000 customers experienced blackouts, reinforce the need for more investment in reliable 24/7 generation.
The Government is backing 24/7 reliable power by underwriting new electricity generation. This will improve competition, increase supply and reduce wholesale prices.
The very strong response to the Government’s Underwriting New Generation Investments program demonstrates there is no shortage of willingness to invest in Australia’s future energy supply.
The Government’s 26 per cent target is sensible and balanced, whereas Labor have committed to reckless economy-wrecking targets that will slash industries, wages and jobs.
As the Business Council of Australia has stated: “The emissions target of 26 per cent is appropriate and achievable. 45 per cent is an economy wrecking target”.
