A group of the nation’s biggest carbon emitters say they can slash their emissions by 92 per cent by 2050, and crucially, do it without a heavy reliance on offsets.
A group of the nation’s biggest carbon emitters say they can slash their carbon emissions by 92 per cent by 2050 and challenged critics of theto drop short-term political objectives and back modest use of offsets.
“Anyone who is waiting for the perfect plan is a problem,” says Simon Mckeon, who oversaw the industry decarbonisation research effort.They found that the five major national supply chains that supply iron and steel, aluminium, other metals, chemicals, and LNG – generating around 44 per cent of total national emissions, 17 per cent of GDP, and $236 billion in exports – could reduce annual emissions from 221 million tonnes of CO2 in 2020 to just 17 million tonnes in 2050.
Instead, the group argues that big industry believes that with the right policy settings and co-ordination between governments and businesses, it is entirely plausible for Australia to deliver its share of what is needed to keep global warming below 1.5 degrees. However, Mr McKeon said there is an urgent need for Australia to adopt a WWII-style “war-footing” and that “there is not a lot of time left to debate” policy settings.ahead of Monday’s launch in Sydney at an event with Climate Change and Energy Minister Chris Bowen and former chairman of the UK Financial Services Authority, Lord Adair Turner, who helped advise the Australian project.
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