Prime Minister Scott Morrison has today announced a Climate Solutions Fund, which will invest $2 billion over 10 years to meet 2030 Paris Agreement emissions targets.
On an interview with Channel 7’s Sunrise, Mr Morrison said he believes in climate change.
“First of all, we owe it to future generations to address this issue, and we have been addressing this issue,” he said.
“Our record, when we came into government, we had to make up for a 700 million tonne deficit on carbon emissions when we came to government.
“The policies we have put in place to meet our 2020 targets means we will now beat that by 400 million tonnes.
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“The policies we have put in place are working, they are hitting our targets. There are very few countries in the world that can say that they will not only meet our 2020 targets but exceed them.”
When asked if the Coalition was behind on its climate targets considering the additional funding announcement, the PM replied, “No, no, we always knew that there would be more that needed to be done and I have said that on several occasions and I said we’d be announcing that before the election.
“And today, I’m making those plans clear. These are responsible targets, David. I believe that you can meet your emissions reduction targets, address climate change and not put a sledgehammer through your economy. That is why our targets are balanced. They will reduce per capita emissions by more than 50 per cent by 2030 and our emissions intensity by two thirds. Now, that is one of the best targets in the G20. Countries like Canada won’t meet that. Countries like New Zealand will not meet that same level of result and they will have to buy carbon credits from overseas. We are dealing with it on our side of the line, making sure we are taking the action that is needed.”
Mr Morrison said the new Climate Solutions Fund goes beyond the Emissions Reduction Fund.
“… There is the investment that will be going into Snowy Hydro 2.0 and also the Battery of the Nation project, another pumped hydro very significant project in Tasmania,” Mr Morrison said.
“It also deals with electric car strategy and on top of that, continuing with the energy efficiency measures whether it’s in households or businesses. So it’s a comprehensive package.”
The Climate Solutions fund is part of the Morrison Government’s $3.5 billion Climate Solutions Package.
The Australia Institute says the fund falls drastically short of what is required to tackle Australia’s emissions.
“This $2 billion over ten years, is a mere drop in the ocean compared to what must be done to reduce Australia’s emissions – something that cannot be achieved unless big polluters are held to account,” climate and energy program director at the Australia Institute Richie Merzian says.