14 December, 2023
I welcome COP28’s historic announcement to ‘transition away’ from fossil fuels by 2050 and to accelerate climate action, including a goal to triple renewables and double energy efficiency globally by 2030.
This global agreement is a death knell for coal, oil and gas and a rallying call for governments, organisations, and communities to fast track the transition to renewable energy.
As the third largest exporter of fossil fuels, Australia must develop renewable export industries and stop approving new coal and gas that undo any reduction efforts.
Great to see recognition of the impact of methane and need to curb methane emissions by 2030. Curbing fugitive methane emissions is one of the most effective actions Australia can take and the opportunity is coming up for the Albanese Government to put their words into action with the review into the National Greenhouse and Energy Reporting Act due by 31 December 2023 and a commitment by Minister Bowen to legislate recommendations in early 2024.
It cannot be forgotten that this diplomatic agreement is voluntary, and the real success of the COP 28 announcement will be measured in how these words are translated into action. Full scale, global mobilisation at pace is crucial, and each country's ability to contribute will vary. Safeguarding our planet demands the unlocking of trillions in climate finance to support the transition.
Substantial allocations for mitigation, preparation and resilience-building will be required and developed nations must step up to help underwrite the loss and damage experienced by some of the world’s most vulnerable communities on the frontline of climate change.
Australia can play a major role in both mitigation and preparation. Each country must look to its natural advantage in this transition and for Australia, it is undisputedly abundant wind and solar capacity. Now it’s a race to harness it and become a renewable energy superpower.
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