Climate institute flags billions in savings

Canberra Times
Monday 1/9/2008 Page: 1

Major investment in renewable energy and fuel-efficient transport could cut Australia's carbon pollution levels, saving billions of dollars, according to the Climate Institute Australia. Acting ahead of any global agreement on emissions reduction, Australia could cut 25 per cent cut in 1990-level carbon emissions by 2020 if it moved quickly to adopt smarter policies and investments, the institute says.

An analysis to be issued today also outlines the latest science on the impact of climate change, warning that if no action is taken to cut emissions, irrigated agricultural production in the Murray-Darling Basin will all but disappear. It warns that a 2 per cent global temperature increase would kill off coral reefs, including the Great Barrier Reef, and cause the melting of ice sheets in Greenland and Antarctica. That, it says, would raise the sea level by several metres.

The proposal for a 25 per cent cut in emissions comes ahead of Friday's issuing of the final Federal Government-commissioned Garnaut Report on climate change, which will set out reduction targets. The analysis, prepared for the institute by energy modellers McLennan Magasanik Associates, said Australia had a range of low-cost options it could use to reduce emissions, particularly in the area of energy efficiency.

Institute chief executive officer John Connor said the analysis showed that more than half the pollution reduction could be achieved at a net saving to the economy. "Significant reductions in our energy sector can be achieved with investments over the next decade of around half of 1 per cent of this year's gross domestic product - $46.6 billion," Mr Connor said. "With a target of at least 25 per cent carbon pollution reduction, Australia can be a positive player in global negotiations to help achieve global targets so clearly in our national interest.

"Anything less would return Australia to the climate laggard role we have just shrugged off." A failure by industrialised countries to reduce carbon emissions by 25 to 40 per cent below 1990 levels by 2020 risked severe climate impacts, such as the collapse of the Amazon rainforest. The report said that a rise in temperatures of two or more degrees would lead to a 300 per cent increase in extreme fire danger days..