Australia’s Climate Change Authority has recommended a campaign to fight misinformation and expand the government’s $67 billion Capacity Investment Scheme.
The authority, chaired by former New South Wales Energy Minister Matt Kean, unveiled multiple strategies to help Australia reach net zero by 2050.
Among them, was a campaign to stop misinformation, along with strategies to improve the social licence for net zero.
“For the electricity and energy sector—to provide greater certainty and stronger signals for investors—strengthen the Capacity Investment Scheme (which could be legislated, administered by a standalone statutory agency and increased in size and pace),” the authority said.
‘Tighten and Broaden’ Mandatory Emissions Standards
In response to concerns about the economic impact of climate policies, the authority suggested that addressing the “green premium”—the extra cost of low-carbon technologies—through policy interventions and market-based mechanisms is essential.“Expand the scope of key existing policy frameworks such as the Safeguard Mechanism, Australian Carbon Credit Union (ACCU) scheme, and National Greenhouse and Energy Reporting Scheme,” the report recommended.
What About Nuclear?
While the report focused on wind and solar energy, the Climate Authority said nuclear was not a viable option in Australia.“Nuclear power generation is presently banned under federal legislation and there are also prohibitions at the state and territory level,” the report said.
“The prospects for nuclear power stations in Australia are further diminished because of its high cost relative to other low carbon generation technologies.”
However, despite this, the report said a future dramatic cost reduction in newly built nuclear plants would necessitate a “re-evaluation of this technology” for deployment in Australia.
“In this context, nuclear should continue to be monitored as an option.”
In response to the release of the report, Kean said the authority had charted a course for how Australia can decarbonise by 2050.
He said this requires a major reorganisation of supply chains, production systems, industrial zones, energy sources, public and private finance, infrastructure, and workforces.
Climate Change and Energy Minister Chris Bowen said any delay risks not just energy reliability and security but their ability to act on emissions reduction and secure the future for the next generation.
“Encouragingly the Climate Change Authority sees the deployment of existing technologies, like solar and wind, as well as the potential of emerging technologies, like hydrogen, will support an orderly and prosperous transition,” he said.
Bowen also claimed the authority had confirmed, that “nuclear could not replace aging coal capacity fast enough to support Australia’s ability to reach its 2050 target.”
The Coalition, in contrast to Labor, is pushing for nuclear to be included in the energy mix rather than a “renewables only” policy.
Opposition leader Peter Dutton has strongly advocated for nuclear power to be included in Australia’s energy mix.
“We’re going to have a good balance of energy mix, including nuclear, and that way, we can provide long-term relief to people in their power prices,” he said.
“Our stance on the Voice, the position we’ve taken on nuclear power—all in our country’s best interests.”
The report also highlighted potential barriers to the timely deployment of technologies needed to achieve net zero by 2050, such as community resistance to infrastructure like wind farms and a lack of willingness to pay the green premium.
The Climate Authority suggested accelerating the deployment of net zero infrastructure by reforming planning and approvals processes.
Further, it recommended negotiating bilateral decarbonisation agreements with key trading partners, addressing workforce shortages, and addressing data gaps.
