It mentioned the adoption of a stronger nationally built-in strategy is required to safe Australia’s pathway to internet zero, and mounts a case the nation’s largest emitting sectors – vitality, transport and agriculture – needs to be focused with extra bold emissions discount insurance policies.
The report additionally identifies Australia as being “uniquely vulnerable” to local weather change and “uniquely placed” to learn economically from world decarbonisation.
World leaders are at present getting ready to fulfill in Glasgow for a United Nations local weather summit in November, the place Australia’s emissions targets are anticipated to come back below renewed scrutiny.
The federal authorities has responded to the findings of the OECD report by repeating its dedication to a technology-driven strategy to reaching internet zero as quickly as potential, ideally by 2050.
“The survey acknowledges that ‘strong institutions are already in place to support these aims’,” Treasurer Josh Frydenberg mentioned.
Opposition chief Anthony Albanese mentioned the report confirmed the federal government will not be taking motion on local weather change severely.
“There are real consequences of this. Australia needs to do more on climate change,” he informed reporters.
The OECD famous Australia continues to have a excessive reliance on fossil fuels, with oil, coal and pure gasoline accounting for about 93 per cent of major vitality provide. It added there may be “significant scope” for additional will increase in renewable vitality in Australia, given the share stays low in contrast with different OECD international locations.
In different observations, the OECD mentioned Australia had largely weathered the financial devastation of the COVID-19 pandemic higher than most developed international locations, however current outbreaks of the virus imply the nation will not be out of the woods but.
It largely praised Australia’s fiscal response to the disaster, however flagged post-pandemic reforms are nonetheless wanted to deal with long-standing challenges reminiscent of stagnating productiveness development and development in dwelling requirements.
One reform put ahead is additional elevating Australia’s unemployment profit fee – which is likely one of the lowest in the OECD and under estimates of the relative poverty line.
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