topic 4 enviro Flashcards
1
Q
albanese gov new goals
A
- 43$ below 2005 levels by 2030 emission target
2
Q
market policies
A
- safeguard mechanism
- carbon tax
- emissions reduction fund and climate solution fund 2020
3
Q
target
A
- renewable energy target
- emissions reduction target
4
Q
regulations
A
- snowy hydro 2.0
- climate change bill
5
Q
international agreements
A
- paris agreement
- glasgow climate pact
6
Q
safeguard mechanism
A
- identifies 10 largest emitting industries (more than 100K of CO2 per yr)
- decline rate 4.9% each yr to 2030
- reduce 205 million tonnes or 43% from 2005 of GHGE by 2030
7
Q
safeguard mechanism advantages
A
- Mines, refineries and smelters produce around 28% of Aus GHGE = incentive to decrease emissions
8
Q
safeguard mechanism disadvantages
A
- Estimated to lead to 7% unemployment in nsw
- Govt can approve new coal or gas mining projects until 43% emissions target by 2030
9
Q
carbon tax
A
- global warming challenges due to 70% of AUS export revenue coming from mining.
- 2012-13 federal budget the Gillard government introduced a $23/tonne emission permit (‘carbon tax’) for businesses emitting over 25,000 tonnes of CO2 annually
- expected to raise $24.7 billion over three years
- reduce CO2 emissions by at least 5% of 2000 levels by 2020
10
Q
carbon tax advantages
A
- CO2 emissions from burning fossil fuels fell 2.4% in 213 and 1.1% in 2014 (steepest decline since 1990)
- emissions from affected businesses falling 7%
11
Q
carbon disadvantages
A
- Firms can lose IC due to higher costs (e.g. $23/tonne carbon emissions was higher than EU emissions at $3.34/tonne)
- Adds to Cost-push inflation whereby contributing to CPI increasing by 0.7% from 2012-14
- repealed by Abbott 2 yrs later
12
Q
Emissions Reductions Fund and Climate Solution Fund (2020)
A
- key feature of the Direct Action Plan (repealed Carbon Tax)
- Cost $2.55 billion to establish
- Replaced by Scomo’s $2 billion Climate Solutions Fund
13
Q
Emissions Reductions Fund and Climate Solution Fund (2020) advantages
A
- By 2019, 477 projects had received funding (195M tonnes of carbon abatement)
- ↓ emissions by 200m tonnes in 2019.
14
Q
Emissions Reductions Fund and Climate Solution Fund (2020) disadvantages
A
- Taxpayers fund the cost –> don’t internalise cost
- Non-efficient projects fail to deliver the reduced emissions
15
Q
Renewable energy target (RET)
A
- In 2008, the Rudd Government introduced a Renewable Energy Target (RET), which would ensure that 20% of Australia’s electricity supply would be generated from renewable sources by 2020.
- RET was renewed in 2015 to be a goal of 23.5% of Aust electricity to be from renewable → turned out to be 21%
- $1.5 billion Solar Flagships programme to develop scalable solar, thermal and solar photovoltaic technologies.
16
Q
Renewable energy target (RET) advantages
A
- 2018-2020 $26.5B investment in renewable energy, creates certainty in sector (26K employed)
- $26.5 billion invested between 2018 and 2020, allowing Australia to officially meet its RET of 23.5% in January 2020, with 27% of energy coming from renewable sources.
- In 2021 revision: an additional estimated 35m tonnes of CO2 per year from 2020 could be released
17
Q
RET disadvantages
A
- no continuation
18
Q
snowy hydro 2.0
A
aims to be the world’s second largest pumped hydro renewable power station
19
Q
snowy hydro 2.0 disadvantages
A
- threaten over 14 native species, further degrading Australia’s already ‘poor and worsening’ biodiversity.
- 40% of renewable energy generated by the dam will be lost before it even reaches consumers,
- Turnbull government’s failure to introduce the National Energy Guarantee in 2018 = only reducing emissions by 2% over a decade and saved $25 per yr = wasn’t implemented
20
Q
paris agreement
A
- Kyoto protocol = which Australia ratified in 2007 under the Rudd government to reduce carbon emissions. = failure as China or US didn’t join
- Paris Agreement replaced it in 2015 = limiting global warming to a maximum of 2 degrees Celsius by 2100, with 1.5 degrees Celsius being optimal.
- Australia has implemented a short-term target to reduce emissions to 43% below 2005 levels by 2030, increased from the original 26-28% by the Albanese government.
21
Q
paris agreement advantags
A
- 25M jobs created in renewable energy by 2050,
- By 2030, reduction in global CO2 emissions from 50B to 35B tonnes
- CO2 emission fell by 5.8% in 2020, but pack to normal by mid 2021, Doubling Aust renewable energy capacity in 2020
- 21 OECD countries have leveraged the Paris Agreement effectively, committing to net zero emissions by 2050 whilst also providing $100 billion/year to support developing countries to reduce emissions.
22
Q
paris agreement disadvantages
A
- before albanese’s review, Australia’s emissions were increasing by 1% per year, meaning it was likely to fail to meet its target.
- second most reliant OECD country with 54% of electricity, no coal phase out plan, No repercussions
- Australia’s last place ranking in environmental sustainability on the UN’s Sustainable Development 2021 Report
23
Q
glasgow climate pact (COP26/27)
A
- reduce the gap btw existing emission reduction plans and what is required (limit to 1.5 degrees)
- Developed nations to commit $100B annually, provide costs for the Loss and damage fund for vulnerable countries
24
Q
glasgow climate pact (COP26/27) advantages
A
- Allowed for Labour government for a ‘breath of fresh air’ as they reconsider new targets and policies
25
glasgow climate pact (COP26/27) disadvantages
- Emerging economies are among the biggest and ongoing contributors to the problem and have not paid and are not willing too
