Not a bad statement on some of the changes being made in energy transition and economic transition associated with decarbonisation by Australia, but it is in what was not said that is important.
- The continued approval of new coal and gas projects primarily for the export market. Scope 3 emissions are not included in Australia's greenhouse gas inventory
- The Safeguard Mechanism to reduce emissions of the largest polluters is built upon carbon offsets, which have integrity issues.
- Australia's carbon accounting is highly reliant on Land Use, Land Use Change and Forestry (LULUCF) which indicates that there has been minimal reductions in many sectors other than the electricity sector.
- Australia has not addressed Fossil Fuel Tax subsidies currently running at about $14 billion per year
- Australia signed the Clean Energy Transition Partnership (CETP) at COP28 and had a year to implement its commitment. This partnership was established in Glasgow at COP26. CETP pledges cover Development Finance institutions and export credit agencies. Australia must unveil its CETP implementation plan (Jubilee Australia)
Don't get me wrong. Setting a 2030 target of 43 percent reduction on 2005 levels was important, as was the target of 82 per cent renewables by 2030. The Made in Australia program and funding is as important as the Inflation Reduction Act in the US for unlocking economic decarbonistion and transformation.
Australia is increasing climate finance, but at a trickle and very far from our fair share as a developed country. In this speech Bowen announced a much welcomed $50 million to the Loss and Damage Fund. And most of Australia's climate finance is in the form of grant funding which is the most effective and doesn't burden developing nations feeling the impact of climate change with more debt.
The Action Aid report Seizing the Moment: A new Climate Finance Goal that delivers for the Pacific communicates civil society’s expectations of the Australian and New Zealand Governments when negotiating the new global climate finance goal at the UN Climate Conference in November 2024. "Australia and New Zealand’s climate finance contributions are falling short of need. Australia’s commitment to provide AUD 3 billion over 2020-2025 is well short of its estimated fair share of the USD 100 billion goal, which is AUD 4 billion per year. Both countries have redirected substantial portions of their climate finance from existing aid budgets, undermining climate and development action across the region." (Action Aid)
And don't get me started on the fantasy nuclear plan by Peter Dutton and the Liberal and National Parties. This would come at huge public expense, and increase in electricity costs, a huge delay of 15-20 years, and would require coal and gas continue in the grid well past 2050. It is not a solution but a distraction and a delay. Bowen understands Nuclear should have no role in Australia.
Chris Bowen as the co-chair with Egypt of finance discussions will be very busy in the final days of COP trying to broker a deal on the new climate finance target and the New Collective Quantified Goal (NCQG) (See this explainer)
Transcript of speech
It is my pleasure to speak on behalf of Australia.
I begin by reaffirming Australia’s commitment to the inclusion of First Nations people in our climate change response and clean energy future.
Friends –
Two years ago I told you Australia was back.
Last year I told you about our progress towards our 2030 targets, which is going well.
But this year I am here to tell you how Australia is accelerating our transformation to lock in our place as an indispensable part of the global net zero economy, to help other countries decarbonise.
But let me touch on why we are doing this first.
We know that implementation of the Paris Agreement is critical to unlock the economic opportunities of the greatest global transformation since the industrial revolution.
The COP President is an important steward of this process, and I want to express my gratitude to President Mukhtar Babayev for his guidance to date. I look forward to working closely with him to help deliver a strong outcome for us all.
Friends, the Paris Agreement is working. Last year’s Global Stocktake showed that we have come a long way – from the brink of catastrophic 4 degrees of warming before Paris, to between 2 and 3 degrees now.
We’ve come far. But not far enough.
This year I returned to Fiji, to meet with Climate Ministers from across the Pacific, where the impacts of climate change are existential, not far away abstractions.
Where climate change is not seen as subject for negotiation, but an existential and security threat.
This is a message that the world needs to hear, and a reality that the world needs to see.
That’s why we are bidding to co-host COP31 in partnership with our Pacific family, and grateful for the strong support we’ve had for our bid so far.
Next year, when we bring forward our next NDCs, we must all strengthen efforts and deliver our highest possible ambition.
To accelerate global climate action to keep 1.5 degrees alive.
And to position our nations to harness the economic opportunities of the energy transition.
In Australia, we believe climate action makes economic sense at every level, from the household budget to the nation’s economy. It makes sense for the family home with cheaper bills, powered by clean renewable energy. It makes sense for businesses to harness the cheapest energy known to us. And it makes sense for Australia’s economy, blessed with abundant renewable resources.
And we are taking action to seize this opportunity.
This year we committed more than $20 billion in clean energy investments over a decade, as part of our Future Made in Australia plan.
This is the biggest investment in a generation to build new jobs and industries, and position Australia to be an indispensable part of the global net zero transformation.
Not only to decarbonise and grow our economy, but to help our friends and neighbours decarbonise and develop their economies too.
Because we know that we must keep moving, or the world will move past us.
That’s why we remain laser-focused on our efforts to transform our energy system to achieve 82% renewable electricity by 2030.
Supported by our Capacity Investment Scheme, which will unlock 32 gigawatts of wind, solar and storage in support of this goal.
We are also supporting accelerated climate action and emissions reduction in our region.
We have strengthened our climate finance commitments and expect to deliver $3 billion between 2020-2025.
Prioritising grant based funding for adaptation in the Pacific, and developing flexible financing options to support mitigation efforts in Southeast Asia.
And we’re strengthening our support for addressing the impacts of climate change too.
Today, I announced that we’d be making further contributions to respond to loss and damage.
Australia will become the sixth largest contributor to the Fund for Responding to Loss and Damage with a $50 million contribution.
This builds on our foundational $100 million contribution to the Pacific Resilience Facility, a Pacific-owned facility that will support locally-led, small-scale projects across the Blue Pacific Continent that respond to loss and damage.
Here in Baku, I am looking forward to supporting the COP29 Presidency, along with my Egyptian colleague Minister Fouad, to facilitate consultations on the New Collective Quantified Goal on Climate Finance.
We hope that countries can come together here in Baku and deliver an ambitious NCQG that unlocks the necessary scale of finance to meet the goals of the Paris Agreement.
And of course, it is our ambition to bring the COP to our Pacific region for the first time since 2007, through our bid to host COP31 in genuine partnership with the Pacific.
We are ready to step up and do our bit in helping shepherd this critical global forum.
Friends, I look forward to working closely with you, in the coming days and into the future, to accelerate our efforts to meet the Paris goals.
Thank you.
References
UNFCCC, Video, Resumed High Level segment 19. November 2024 at 22:00 GMT+11 https://unfccc-events.azureedge.net/COP29_104789/agenda?_gl=1*1hf0bfa*_ga*MTA3NDYwMjc1OC4xNzMxNTA3MDEw*_ga_7ZZWT14N79*MTczMjA2ODMzNC4yLjEuMTczMjA2OTYxMS4wLjAuMA..
DCCEEW, Ministerial speech, Chris Bowen, 19 November 2024, National Statement to COP29, Baku, Azerbaijan https://minister.dcceew.gov.au/bowen/speeches/national-statement-cop29-baku-azerbaijan
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