PLEA Network

13 November 2015, The Conversation, Australia’s climate targets still out of reach after second emissions auction. The government’s Clean Energy Regulator yesterday announced the results of the second “reverse auction”. It spent A$557 million to buy emissions cuts of some 45 million tonnes of carbon dioxide. Australia needs to cut its CO₂ emissions by 236 million tonnes to meet its current 2020 mitigation target of -5% below 2000 levels. The Direct Action Plan and its Emissions Reduction Fund (ERF) is the Turnbull government’s major program for doing so. The first auction, in April this year, spent A$660 million for 47.3 million tonnes. So far, then, almost half of the A$2.55 billion allocated to the ERF has been used and some 92.8 million tonnes of emissions reduction “bought” at an average rate of almost A$13.12 per tonne of CO₂. The ERF will also form part of efforts to achieve Australia’s 2030 climate target. The latest round of UN climate negotiations begins in Paris in three weeks’ time. These talks aim to produce tougher national greenhouse targets for the decade to 2030. Ironically, the focus on Paris is drawing attention away from the urgency of emissions cuts that need to be delivered beforehand. In Australia, the Paris talks encourage us to accept as given our 2020 target of -5% below 2000 emissions levels, although it is among the weakest of national mitigation efforts for that period. They encourage us to ignore the fact that – according to criteria accepted by both Labor and Coalitions governments and now met because of the rising ambitions and efforts of major emitters elsewhere – Australia’s target should have increased to -15% by 2020. It is against this second benchmark that the Turnbull government’s efforts should now be measured. Read More here