Liberal shadow ministers have opted to drop net zero by 2050 target.
Dr Niranjika Wijesooriya Gunarathne, School of Physics, Net Zero Institute – Expertise: net zero, climate finance, how private organisations, public institutions and developing nations finance their transition to net zero. She is currently building a new process to help organisations in developing nations access climate finance called Integrated NetZero Strategy valuation.
Dr Wijesooriya Gunarathne said:
“The Liberal Party’s decision to abandon Australia’s Net Zero commitment is not about removing an economic burden it’s about walking away from one of the greatest economic opportunities of our time. The world is moving toward a $12 trillion transition economy by 2030, driven by clean energy, low-carbon technologies, and green innovation. While other nations are investing to secure their place in this new economy, Australia risks being left behind, clinging to an outdated model built on coal and mining industries that are rapidly becoming stranded national economy.
“We have world-class research capabilities in renewables, green hydrogen, and sustainable systems, yet we continue to lease our mines and return minimal value to the Australian people. Instead of leveraging our scientific strength and natural advantages to build a resilient, competitive economy, we are choosing to retreat.
“The real risk is not the cost of transition, but the cost of inaction. By turning away from Net Zero, we are turning away from innovation, investment, and the prosperity of future generations. This is a failure to understand strategy in the context of policy decisions as a political movement.”
Associate Professor Michele Barnes, Associate Professor and Head of the Social Dynamics and Environmental Change Lab, School of Project Management & Sydney Environment Institute, University of Sydney – Expertise: Climate adaptation and transformation for frontline communities, systems-aware climate planning, equity and justice in climate resilience.
A/ Prof Barnes said:
“Australians are already feeling the impacts of climate change, from rising insurance premiums to food price shocks, and these pressures compound the cost-of-living crisis.
“We’ve seen this firsthand: families in the Northern Rivers still rebuilding after multiple catastrophic floods, and communities across Queensland and Victoria hit by back-to-back disasters.
“Climate related disasters are estimated to cost Australia up to $94 billion a year by 2060 and our National Climate Risk Assessment, just released, warns climate impacts will escalate, with millions of people at risk from coastal hazards by 2090.
“Weakening our climate commitments won’t ease household bills; it will make them worse by undermining investment in clean energy and resilience.”