IEA HIGHLIGHTS MALCOLM TURNBULL’S ENERGY AND CLIMATE FAILURES

The International Energy Agency has (IEA) confirmed Malcolm Turnbull’s failure to introduce real climate policies and contain let alone reduce carbon pollution in a review of Australian energy policy, saying “the Commonwealth government has not yet come forward with durable climate change policies after 2020 or a long-term emissions reduction goal for 2050.

While Josh Frydenberg has been selectively quoting the IEA report, it is clear the IEA have not endorsed the Turnbull government’s energy chaos as the Minister has claimed. Instead, on how the Turnbull government is managing our energy transition, the IEA notes “There is a lack of visibility for business, consumers and policy makers alike with regard to the pace and magnitude of this transformation”

On Malcolm Turnbull’s latest energy policy thought bubble, the National Energy Guarantee (NEG), the IEA recognises the need for much greater detail before it can be properly assessed, and warns “it is not a silver bullet and could create new barriers and windfall profits.”

The IEA also warns against the Liberal’s obsession with coal fired power and their failure to accept, let alone manage the transition away from ageing coal power plants saying, “The continued use of new or old coal plants makes the attainment of Australia’s Paris commitments problematic and may result in carbon lock-in.”

And unlike Malcolm Turnbull’s fantasy to extend the life of ageing, unreliable coal-fired power stations, or to build new ones at taxpayers’ expense, the IEA recommends the government, “provide a market signal to retire older and less efficient generation.”

Once again Josh Frydenberg has once again floated his Carbon Capture and Storage (CCS) fantasy for the energy sector. But just like the CEFC and other energy experts the IEA has said “progress with introducing CCS remains slow and is not consistent with a 2°C pathway” IEA (2016a), Energy Technology Perspectives 2016.

If the Liberals were serious about seeing CCS technology deployed commercially, they wouldn’t have abolished all the uncommitted funds in the CCS flagships program - $460 million – removing any new support for research and development.

Under Malcolm Turnbull and Josh Frydenberg the energy crisis continues. Power prices are up, emissions and up, and the transition of our energy sector is in disarray.