“This continuing decline in electricity sector emissions is driven by world-leading rates of renewables deployment. Since 2017, more than $40 billion has been invested in renewables in Australia,” Mr Taylor said.
Australia’s commitment under the Paris Agreement, signed by former prime minister Tony Abbott in 2015, is to cut greenhouse gas emissions by at least 26 per cent on 2005 levels by 2030. Last year the federal government promised to achieve net zero by 2050. Mr Taylor said on Monday Australia is currently on track to reduce emissions by as much as 35 per cent by 2030.
According to analyst Climate Action Tracker, if all countries were to follow Australia’s approach, global warming would rise as much as 3 degrees, far exceeding 1.5 degrees and the level at which the world could avoid the worst impacts of climate change. The Australian Academy of Sciences said 3 degrees warming would greatly increase extreme heatwaves, fires, species extinctions and kill off the world’s coral reefs.
The federal Labor Party has pledged to reduce emissions by 43 per cent by 2030 and reach net zero by 2050.
Mr Taylor announced on Monday a $1.6 million research and development investment in emerging soil carbon measurement company Downforce Technologies, which is based in the UK. Mr Taylor has identified soil carbon sequestration, which is driven by sustainable land management techniques, as a key driver of future climate action.
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The funding is being delivered through the Clean Energy Finance Corporation in line with the government’s goal to drop the cost of measuring soil carbon from the current rate of $30 a hectare to $3.
Agriculture Minister David Littleproud opened the second round of a trial for the Carbon + Biodiversity scheme. Under the scheme, farmers can earn government payments for carbon generated in vegetation growth on their land while receiving a second funding stream if that vegetation enhances the natural estate and supports environmental health.
Renewable energy drives fall in Australia’s carbon pollution
Source: Philippines Alive
