Cancun Climate Change Targets
Solar-e.com is a member of and supports the work of The Sustainable Energy Association of Australia (‘SEA”).
SEA is a chamber for all enterprises from all industries supporting sustainable energy and the fastest growing energy industry body in Australia. SEA is bringing you the Energising South East Asia Conference 23-26 March 2011, Perth, Australia.
View SEA’s recent press release on Cancun.
“It is imperative for the credibility of this process that we’re able to make progress here at this conference,” Minister Combet said.
The Sustainable Energy Association of Australia (SEA) is keen to see how Australia might indeed contribute to the credibility of the process.
SEA supports the application of a scientifically based target that commits Australia to action without waiting on the rest of the world. Such action is called leadership – it is not possible to lead from behind.
The only way to lead is by committing Australia to the strongest target – the unqualified target originally proposed by the 2008 Garnaut Climate Change Review that said Australia should look to reduce emission by 25% on 2000 levels by 2020, and 90% by 2050.
Don’t be Reserved
The collaboration of the Reserve Bank would be needed to reduce Australia’s interest rates in concert with setting a carbon price.
The Reserve Bank of Australia’s Charter is “It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank …”
The Reserve Bank pulling 1.5% – 2% of Australia’s interest rates would more than offset any cost of carbon introduced to meet a 25% target. Such action would offset one time inflationary effects of a price on carbon, reduce the cost of financing new projects and stimulate new investment in projects to improve energy efficiency, build renewable energy and reduce Australia’s emissions below Year 2000 levels
Measures to reduce emissions including renovating buildings, capital depreciation of old, less efficient equipment, and incentives to be both more energy efficient and to source emissions free energy from renewable sources, must be accelerated in particular that ensure that booming Australian industries such as mining, construction and manufacturing do not build a legacy of carbon debt for Australia.
‘SEA is an industry chamber supporting market-based solutions to grow sustainable energy,’ says Prof. Ray Wills, SEA Chief Executive and Adjunct Professor with The University of Western Australia.
‘Any business group interested in an economically efficient means of dealing with emissions supports market-based approaches, and an emissions trading system is that and more,’ says Prof Wills.
‘Emissions trading systems have been used around the world to effectively broker changes in industry practice, and demonstrated to be both more economically efficient and also environmentally effective than other means.’
‘A key is that market design must be based on open and transparent transactions to ensure both monitoring and compliance costs are minimised.’
‘While direct incentives for change to both the domestic and commercial markets to reduce emissions via both energy efficiency and procurement of lower emissions energy are important measures that should be included in any design to maximise change, a trading system is singularly the most sensible strategic economic measure to broker a more sustainable economy,’ says Prof Wills.
1. Garnaut Climate Change Review at http://www.garnautreview.org.au/2008-review.html
2. The Sustainable Energy Association of Australia (SEA) is a chamber for all enterprises from all industries supporting sustainable energy, and the fastest growing energy industry body in Australia. www.seaaus.com.au.
3. Constitutional Objects of SEA ‘On behalf of the people of Australia, the Association will vigorously promote the development and adoption of sustainable energy so that by the year 2030 more than 30% of Australia’s energy use in and across all states and territories is displaced by sustainable energy practices so that energy demand is more than 30% below that measured in the year 2000, and that more than 30% of energy use is derived from sustainable sources.’