5 years ago
RBA CALLS FOR ORDERLY TRANSITION AND REAL CLIMATE POLICIES
THE HON MARK BUTLER MP
In an important speech last night, the Deputy Governor of the RBA Guy Debelle rang alarm bells about the impacts of climate change on the economy, and the dangers of not acting to address this increasingly urgent challenge.
In his speech, Dr Debelle flagged many of the themes Labor has been talking about and seeking to address through our policies.
A key themes of the speech included:
In his speech, Dr Debelle flagged many of the themes Labor has been talking about and seeking to address through our policies.
A key themes of the speech included:
- The need for an orderly transition to clean energy, with Dr Debelle noting renewable energy is “now cost-effective sources of generation”. This supports the view of other experts that renewable energy is not only cleaner, but is and will increasingly be cheaper than other new generation alternatives.
- The need to support more renewable energy with new transmission and storage investment, something identified by Labor as a priority in our Energy Plan, which is why we’ve committed to a $5 billion Energy Security and Modernisation Fund,
- The need to ensure a just transition for communities and workers, noting “Particular industries and particular communities that are especially exposed to the costs of changes in the climate will face lower costs if there is an early and orderly transition”. That is why Labor has announced a detailed Just transition policy, including a new Just Transition Authority,
- The need for steady and orderly policy to transition the economy, saying “Financial stability will be better served by an orderly transition rather than an abrupt disorderly one.” That is why Labor has emphasised the need to move beyond the Tony Abbott inspired ‘Climate Wars’ that have sabotaged a sensible and bi-partisan approach to climate change.
Yet today, after almost 6 years of Liberal government, Australia is as far away from an orderly transition and real climate policies as ever.
The Liberal Government has renounced its own NEG, removing a PM in the process, because it sought to tackle emissions, even though Labor and the rest of the country want to see it implemented.
The Government still plans to underwrite new coal plants through their Underwriting New Generation Investment program, while at the same time arguing with itself over the need to underwrite new coal plants, in a display of disunity and chaos that has now reached the Cabinet.
And the Government has doubled down on ineffective and expensive Abbott climate change policies, while doing nothing to actually deliver emissions reductions.
Labor’s plan for 50 per cent of electricity from renewables by 2030 is good for jobs, good for the economy and good for the environment.
Renewable energy is the cheapest form of new energy, but the Governments attacks is one reason why power prices will keep going up and up under Scott Morrison.
Bill Shorten and Labor are committed to cheaper, cleaner power through renewable energy.
Scott Morrison is for power privatisation, more coal and higher power bills.
Climate Change is a growing risk not only to future generations, but to the economy today. Only one party will take climate change seriously and deliver the policies needed to ensure a prosperous future for all Australians.