UN urges Australia to lead global renewable energy race
Falling short of expectations would come at a significant cost, the organisation warns, as natural disasters caused by climate change could "cripple" local food production and undermine Australians' living standards.
United Nations climate change executive secretary Simon Stiell issued the warnings at an event in Sydney on Monday before he is due to meet with Climate Change Minister Chris Bowen.
The call comes two months before the federal government is due to release 2035 climate goals, but also as former deputy prime minister Barnaby Joyce introduced a private member's bill to parliament to repeal Australia's 2050 net-zero target.
The race to develop, sell and use clean energy products had already begun across the world, Mr Stiell told the Smart Energy Council event, with major renewable investments in countries including China and India.
Australia's "defining moment" for the market could arrive in September with its 2035 climate plan, he said, which, could lay the foundation for future jobs and businesses, and send a clear message to investors worldwide.
"(It's one shot) to strengthen Australia's economic security and regional influence, building an on-ramp to the Asian clean-tech boom," he said.
"(It's one shot) to anchor future industries - green hydrogen, clean metals, critical minerals - in policies that give investors confidence, give communities certainty, create good jobs paying good wages, and a rising national tide that lifts living standards for all."
His call comes less than a week after an International Renewable Energy Agency study found 91 per cent of renewable energy projects were more cost-effective than those using fossil fuel.
Solar projects saved 41 per cent on average, while onshore wind projects cut costs by 53 per cent, the research found.
Australia's existing renewable energy targets were effective, Mr Stiell said, but more ambitious goals could further reduce the costs of energy production and help Australians avoid costly climate risks.
Allowing climate change to continue could "cripple Australia's food production", he said, as well as contributing to a loss in gross domestic product and lower living standards.
"Climate disasters are already costing Australian home-owners $4 billion a year and that figure is only going one way," Mr Stiell said.
"Australia has a strong economy and among the highest living standards in the world – if you want to keep them, doubling down on clean energy is an economic no-brainer."
Under the Paris climate agreement, the Australian government must submit its 2035 climate targets by September this year.
The Climate Change Authority, which will advise the government, is considering an emissions-reduction target between 65 and 75 per cent by 2035.
Current Australian climate targets include a 43 per cent reduction in greenhouse gases and 82 per cent of electricity from renewable sources by 2030.
The federal opposition is yet to release a climate policy.
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