Frydenberg on climate change and environment

Transcript of Frydenberg flyer Jan 2022.

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Lowering emissions the Australian way

Australians want action on climate change.

They also want affordable electricity, secure jobs and opportunities for the next generation. Our Government is acting to deliver net zero emissions by 2050 in a responsible way that will secure more Australian jobs. Australia has a strong record of beating our emissions targets. Since 2005, Australia's emissions have fallen by more than 20%. This is more than the USA, Canada, Japan and New Zealand. We are on track to reduce emissions by up to 35% by 2030, beating our commitments. Our technology Investment Roadmap will unlock new investment that will further lower emissions -including clean hydrogen, carbon capture and storage and ultra low-cost solar. Our Plan will be reviewed every five years to evaluate progress and adapt to new technology advances. By supporting technology not taxes our plan will lower emissions and ensure a strong econonomy for Australia's future.

J Frydenberg MP

Australia's record in lowering emissions

Australia's emissions have fallen more than New Zealand, Canada, Japan and the USA (since 2005). Australia's emissions are down more than 20% since 2005, the average for the OECD countries is only 7% We are on track to beat our 2050 emissions target.

Emissions Reduction (on 2005 levels)

• Canada -1%
• New Zealand -4%
• OECD average -7%
• Japan -10%
• United States -17%
• Australia -20%

All international data from last available UNFCCC inventory year (2019) except Australia (2020) National Inventory) and OECD (2018, World Resources Institute).

See our plan for net zero emissions inside

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Our plan for net zero by 2050

What is net zero?

Net zero means making Australia carbon neutral, and any emissions are offset. It means that we reduce emissions - through technology - and then offset the remaining emissions through, for example, storing carbon in new forests or underground.

Austrlia's Plan

Our Long-Term Emissions Reduction Plan is Australia's first comprehensive plan to achieve carbon neutrality by 2050, and is geared to our unique econmomy Over the next decade, a $20 billion investment in our Technology Roadmap will unlock $80 billion in public and private investment — including in clean hydrogen, carbon capture and storage, and energy storage. The plan includes five-yearly reviews that will enable us to evaluate progress and adapt to technology advancements.

Our principles:

1. Technology, not taxes
2. Expand choices, not mandates
3. Drive down the cost of arange of new technologies
4. Keep energy prices down with affordable and reliable power
5. Be accountable for progress

GLOBAL MOMENTUM TO NET ZERO

While many countries are moving slower, they are moving in the same direction. 90% of Australia’s exports go to countries with a commitment to net zero. Big decisions taken by countries, investors and companies to reduce emissions pose an opportunity - for Australia. Our plan manages these impacts - reducing our emissions, while ensuring more jobs.

ELECTRICITY PRICE RISES

• Labor 101%
• Liberal 3%

JOSH FRYDENBERG MP FEDERAL MEMBER FOR KOOYONG

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How Australia will achieve net zero

• -20% Australia’s emissions are already over 20% lower than in 2005.
• -40% Our Technology Investment Roadmap - will reduce emissions by a further 40%.
• -15% Global technology trends - shift in global demand and technology

will reduce our emissions by a further 15%.

• -10 to -20% Offsets - storing carbon in soils and vegetation - and working with Indo-Pacific neighbours - will reduce emissions by a further 10% to 20%*
• Future technology breakthroughs - will reduce emissions by a further 15%,

The technology roadmap

Australia's Technology Investment Roadmap will invest in technologies, including:

• (H2) Clean hydrogen - will create new industries and help existing industries to make cleaner products.
• Energy storage - ranging from batteries to Snowy Hydro 2.0 - will make our grid reliable, improving the reliability of renewables.
• Low emissions steel, aluminium and cement will be new opportunities for Australian manufacturing.
• Ultra low-cost solar - will provide the cheapest energy in history.
• Carbon capture and storage - which returns emissions back underground.
• Soil carbon - will give farmers a new source of income and make their land more productive.

Benefits for Australia

Our plan will ensure Australia builds on its existing strengths while taking advantage of new economic opportunities

• Each Australian will be almost $2,000 better off by 2050, compared to no action.
• Our plan is estimated to deliver more than 100,000 new jobs for Australians - by 2050.
• The real value of Australian exports is expected to more than triple between

2020 and 2050.

• Household electricity bills are expected to be lower than today, with the advancement of technology.