Australia’s clean energy future discussed in European talks

Australia’s move to a clean energy economy was discussed at the Major Economies Forum on Energy and Climate (MEF) in Rome on 18 April, by federal Parliamentary Secretary for Climate Change and Energy Efficiency Mark Dreyfus. These are the first ministerial-level talks to be held since the 2011 United Nations Climate Change Conference in Durban where countries agreed to negotiate a new legally binding agreement covering all major economies.

“The MEF will help shape the agenda for international climate change negotiations as we head toward a legally binding agreement in 2015,” said Dreyfus. “Today we heard German, US and Brazilian investment banks report on their investments in clean energy across the world. Australia’s Clean Energy Finance Corporation will similarly help open up opportunities for clean energy investors to commercialise Australian technology.

“There is little doubt now is the right time to act. A report to the MEF by the International Energy Agency warns that delaying action on climate change will come at great expense to the global economy - every dollar not spent now will cost $4.30 in another 10 years.”

Dreyfus highlighted Australia’s carefully planned transition to a low-pollution, cleaner-energy economy through the carbon price and Clean Energy Future package.

“The Australian Government is making good progress in its discussions with the EU on the development of international carbon markets and the possibility of linking the EU Emissions Trading System and Australia’s Carbon Pricing Mechanism,” he said.

Dreyfus said Australia had “much to learn” from the EU’s experiences, considering its emissions trading scheme has been in action since 2005 and now covers 27 countries plus three non-EU members.

While in Europe, Dreyfus also heard from ministers on actions in other countries to ensure sustainable low-pollution economic growth and met with senior representatives from the OECD, International Energy Agency and carbon market think tanks.