The commitments of Australia's main trading partners to net-zero emissions will "reduce demand for unabated fossil fuels", Treasury's 2021 Intergenerational report states - and yet, the Morrison Government has doubled down on fossil fuel commitments, putting Australia's future prosperity at risk, says Greenpeace Australia Pacific.
Greenpeace Australia Pacific CEO David Ritter said "The Morrison Government appears determined to ignore the writing on the wall."
"Responsible leaders listen to evidence and take notice of what is going on in the world around them. The Intergenerational report is yet another clear indication that the days of fossil fuel are numbered but the Morrison Government has its head in the sand".
"The Morrison Government knows that fossil fuels are on borrowed time but it plans to continue squandering taxpayer money subsidising coal, oil and gas when it knows the market for them is rapidly shrinking and will eventually disappear," he said.
"Scott Morrison should heed the advice of his own Treasury Department, accept the inevitability of the decline of fossil fuels and instead redirect funding to clean energy projects that will underpin the next chapter of Australia's growth without harming the environment."
As well as drawing attention to the decline in coal and gas markets, the Intergenerational report states that the global energy transition will "lead to increased demand for clean energy".
"As one of the sunniest and windiest countries in the world, Australia is well placed to meet all its power needs and help supply the rest of the world with clean and reliable renewable energy," Mr Ritter said.
"The Morrison Government should embrace this opportunity and take advantage of the jobs, health and environmental benefits that will come from joining the rapidly accelerating global transition from fossil fuels to clean energy sources."
Notes
Read the Intergenerational report here
