Digital Desk, Canberra. Australian Prime Minister Scott Morrison on Tuesday unveiled the government’s specific Australian plan to reach net zero carbon emissions by 2050. Under the plan, about $ 20 billion will be invested in low-emission technologies by 2030, reports Xinhua news agency. Morrison’s junior partner in the Governing Coalition with Liberals confirmed in-principle support for the net zero target in the lead-up to the United Nations Climate Change Conference, also known as COP26, in Glasgow on Sunday. It was revealed.
Morrison said the Energy, Trade and Economic Plan would chart a uniquely Australian way to reduce emissions. Australia now has a target of achieving net zero emissions by 2050, and we have a clear plan in place to achieve it. The plan outlines responsible, pragmatic action to achieve net zero which is in our national interest. According to the Prime Minister, the plan is based on existing policies and will be guided by five principles, which are: No taxing technology, Expanding options, No mandate, Lowering the cost of a range of new technologies, Affordable and reliable electricity. Simultaneously keeping energy prices low and being accountable for progress.
According to government estimates, Australia is on track to reduce its emissions by 35 percent from 2005 levels by 2030, but the current target of a 26-28 percent reduction will remain unchanged. As part of a deal to gain support from citizens, the Productivity Commission will review the economic impacts of the plan every five years, with a focus on regional communities. The plan builds on a new priority to use clean hydrogen as a low-emission fuel and deliver solar power at an ultra-low cost of less than $15 per megawatt hour. It did not include long-term modeling or cost estimates, which Morrison said would be released in due course. However, he said it was not a plan at any cost, promising that it would not end Australian coal exports and increase energy bills.