PLEA Network

7 December 2015, Renew Economy, Paris, COP21: Australia ignoring energy transition as emissions soar. Australia is being put on the spot at the Paris climate talks about its treatment of surplus credits from the Kyoto Protocol, and the fact that it will more than likely meet its short- and mid-term targets without actually reducing its industrial emissions. Indeed, it seems that the Turnbull government – like those before it since the Kyoto Treaty was first signed in 1997 – is insisting that its focus remain on accounting and ticking boxes, rather than reducing industrial and energy emissions and preparing the country to decarbonise its economy. That rise in industrial emissions is one reason why Australia will not be following the example of five European countries and cancelling their Kyoto surplus. On Friday, Germany, Denmark, the Netherlands, Sweden and Britain announced that they will cancel 634.6 million excess Kyoto credits that they could have counted towards their Kyoto targets for 202. They decided to do this as part of a bid to remove what has been described as a giant “hot air” loophole that has favoured some countries. “By cancelling surplus units we hope to send a strong positive signal of support for an ambitious global climate agreement here in Paris,” the European nations said in a joint statement. But don’t expect Australia to follow suit. Australia is still intent on using its surplus of 128 million units to meet its modest 2020 targets, which it will do despite it becoming increasingly clear that its industrial emissions, and its power sector emissions in particular, will continue to rise. That doesn’t appear to faze the Turnbull government. When RenewEconomy asked environment minister Greg Hunt on Friday if the government was worried that its approach would not position Australia to decarbonise its economy and compete with other countries committed to doing so, Hunt simply said that the critical thing for Australia was to meet its targets. Its Direct Action program is buying emissions abatement through its emissions reduction fund, and $2.55 billion of taxpayer money – but as quickly as it is doing this, emissions are rising in the electricity sector and elsewhere. A new report from Pitt & Sherry says electricity emissions alone are rising 10 per cent, and estimates by Reputex put the increase in industrial emissions at 6 per cent by 2020. Read More here