Australia increases financial support to Pacific neighbors at COP26 by $ 500 million

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Australian Prime Minister Scott Morrison has pledged to help his neighbors and trading partners in the Pacific and South East Asia by increasing his climate finance commitment from $ 500 million to $ 2 billion.

On the opening day of the COP26 climate talks in Glasgow, Morrison said funding would be directed to specific projects in the region rather than distributed through the Green Climate Fund.

Morrison’s speech to world leaders compared climate change issues to the COVID-19 pandemic, saying there is cause for optimism.

“18 months as the world watched the abyss of a hundred-year-old pandemic, the vaccines we would need – not only weren’t they invented, they had never been a vaccine against the coronavirus.

“But here we are, billions of people vaccinated, and the world is recovering what COVID has taken from us. “

He went on to say that the challenge of tackling climate change will be met in the same way – “by these, largely not in this room.” It will be our scientists, our technologists, our engineers, our entrepreneurs who will truly lead the way to net zero. “

Bringing Home the Importance of Technology

The Prime Minister took advantage of his speech to reiterate the important role that technology would play in achieving the goals of a low-carbon economy.

“Reducing the cost of technology and enabling its widespread adoption is at the heart of Australia’s way to achieve our goal of net zero emissions by 2050 that we are committing to,” he said.

“Cleaner technological solutions must compete with existing technologies if they are to be successful everywhere, and especially in developing economies. “

He said fostering the emergence of low-emission technologies and fostering their widespread adoption “is at the heart” of Australia’s plan.

Our “plan”, however, has come under scrutiny globally for some of the weakest 2030 targets in the developed world.

It has also been criticized for having no new policies, no modeling, and for relying on technologies such as carbon capture and storage (CCS) to achieve net zero by 2050, which presents immense technical difficulties.

This sentiment was reflected by Fijian Prime Minister Frank Bainimarama, who said Australia’s commitment to net zero emissions by 2050 was just a “start”.

He said he wanted a “concrete plan for Australia to halve emissions by 2030”.

Technology, not taxes, or taxes for technology?

The director of energy finance studies at the Institute for Energy Economics & Financial Analysis, Tim Buckley, said Morrison’s “technology, not taxes” plan was totally untenable and should really be called the “taxes” plan. for technology “.

“This line of technology and not taxes is just plain bogus, it makes absolutely no sense, but worse still is our taxes.

“You pay taxes, and it’ll go to Santos – when its $ 50 million here and $ 50 million there, nobody really notices, but over a decade we’re talking about billions of dollars in grants per project. CSC.

“Angus Taylor is trying to get taxpayers to pay, and in some ways I’m happy he’s doing it because it will backfire on him.”



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