Australia Takes 5% Target to Cancun

Australia has committed to an uncoditional greenhouse gas reduction target of 5% below 2000 level by 2020. There is now disagreement (again) about the appropriateness of such a weak target.

As discussed in a previous post, not only is a 5% (15% if there is global agreement) reduction by 2020 is unlikely to unleash the technological innovation and commitment that is necessary to shift towards a low carbon economy, but it is also well below those recommended by the IPCC and the Garnaut Review. In fact, GHG reductions of 5-15% are equivalent to a stabilisation at about 510-550ppm, not the 450ppm the Australian Government is lobbying for.

The question is whether taking the same level of commitment to Cancun that was demonstrated in Copenhagen will actually be a catalyst for change both domestically as well as for international negotiations.  Already in 2008, Australia’s targets have been deemed insuficcient. Australia has repeatedly voiced a desire to take a leaderhsip role in tackling climate change, but a 5% target and the lack of a clear climate change policy fall extremely short of a leadership role.

Now with a number of trade partners implementing emission trading schemes or carbon taxes, Australia really need no longer fear of “going it alone“. The time has come for serious commitment and action. Excuses are running out, clean tech is being developed elsewhere and imported into Australia. Other countries and companies are already gaining valuable experience and expertise in dealing with a price on carbon. Think Change!

In this context, Fankhauser, Sehlleier and Stern (2008) have published an interesting article on the topic in Climate Policy (8), titled “Climate Change, innovation and jobs“, in which they state that the biggest effect of (proper) climate policy will trigger widespread structural adjustment, innovation, job creation and growth. A recommended reading!