We need a national net-zero plan
by Tony Wood
Cost-of-living pressures, escalating damage from climate change and global policy uncertainty mean no election issue is more important than transforming Australia’s economy to achieve net zero. But our energy supply must be reliable and affordable. What should the next government prioritise?
There is great pressure to deliver power bill relief. But the next government’s priority should be reducing how much a household spends on energy, rather than trying to bring down the price of electricity. Far better to give financial support for battery storage and better home insulation, to slash how much power consumers need to buy from the grid.
The Liberal-led Senate inquiry has just found supporting home electrification will also help with cost of living pressures.
The electricity rebates on offer from Labor and the temporary cut to fuel excise from the Coalition aren’t enough.
Federal and state governments must maintain their support and investment in the new transmission lines necessary to support new renewable generation and storage.
Labor needs to do more to meet its 2030 target of reaching 82% renewables in the main grid. Currently, the figure is around 40%. The Coalition’s plan to slow down renewables, keep coal going longer and burn more gas while pushing for a nuclear future carries alarmingly high risks on reliability, cost and environmental grounds.
Gas shortfalls are looming for Australia’s southeast in the next few winters and the price of gas remains stubbornly high. Labor does not yet have a workable solution to either issue, while the Coalition has an idea – more and therefore cheaper gas – but no clarity on how its plan to keep more gas for domestic use would work in practice.
So far, we have been offered superficially appealing ideas. The field is wide open for a leader to deliver a compelling vision and credible plan for Australia’s net-zero future.
