In the last month, Australia’s three biggest coal and gas buyers - China, Japan and South Korea - adopted new net zero emissions targets. Here’s why that could force a change in Australia’s climate
This week, both Japan and South Korea pledged to cut their greenhouse gas emissions to net zero by 2050. Last month, China pledged to reach the same target by 2060.
It’s major news for Australia, who relies on those three countries for a huge chunk of our coal and gas exports.
Pledging to reach net zero emissions by 2050 is an increasingly popular way for governments to show they’re committed to combating climate change.
At least 70 countries have pledged such a target. In Australia, every state has signed up to it.
The Federal Government has resisted more action on climate change out of fears it would hurt an Australian economy that exports huge amounts of coal and gas. But together, Japan, China and South Korea account for more than two thirds of Australia’s coal exports. When they move away from coal, experts say Australia’s economy will be hurt regardless.
“Unless Australia positions itself to attract investment in this transition, it risks being caught up in a flight of global capital away from fossil fuels.”
Erwin Jackson, policy director at the Investor Group on Climate Change.
Prime Minister Scott Morrison’s argument that tougher climate change policies are bad for the economy is getting weaker as developed countries and regional trade partners pledge to move away from fossil fuels. It’s even been criticised by ally and fellow conservative, UK Prime Minister Boris Johnson.
A spokesperson for Johnson said that in a phone call with Morrison on Tuesday, the British Prime Minister “emphasised the importance of setting ambitious targets to cut emissions and reach net zero”.
“The Prime Minister stressed that we need bold action to address climate change, noting that the UK’s experience demonstrates that driving economic growth and reducing emissions can go hand-in-hand,” the spokesperson said.