Australia's Climate and Energy Minister Chris Bowen delivered Australia's national climate statement to COP29 in the High Level Segment Plenary (Resumed).
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)