Analysis: How Labor will hit its 2030 climate target | micksfoley
Success for the federal government’s 2030 climate goal hinges on two ambitious schemes to force big businesses to cut their carbon pollution, and the deadline looms large with just 89 months to go.Prime Minister Anthony Albanese endorsing the government’s Climate Change Bill in the lower house on Thursday.One of the government’s two key emissions policies is to ratchet up caps on pollution under the, which would force 215 of the nation’s biggest polluters to cut their greenhouse gas emissions.
Labor’s plan to switch the grid to renewables would increase the availability of clean power so companies could switch over from fossil fuels. For example, a food processor could swap gas boilers for electric heat pumps. The government has pledged $20 billion in cheap loans to transmission companies, at a lower cost than private finance, to reduce the cost of network expansion. But that’s only a small piece of the puzzle.Private investors will have to stump up hundreds of billions of dollars and those costs will ultimately be recouped from consumers.
Under Labor’s plan to tighten pollution caps, these companies have a range of options to cut their emissions, including using clean technology, emissions offsets or emissions capture. For example, an aluminium smelter could use technology to replace its gas-fired furnaces with renewable energy. A coal mine could capture the greenhouse emissions that are typically released into the atmosphere when a coal seam is tapped.
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