Sydney, Mar 21, 2008 (ABN Newswire) - The Western Australian Sustainable Energy Association Inc. (WA SEA) welcomes further progress from the Garnaut Climate Change Review in the design of an emissions trading scheme that will commit Australia to real emissions reductions targets by 2020.
"These commitments will create market certainty, and provide a confidence in the market to get out and invest in energy efficiency and build lower emissions energy generation," says Dr Ray Wills, CEO of WA SEA
"Strategic investments in the range of $25 to $35 billion in energy efficiency and renewable energy over the next decade should easily deal with the challenge of tackling a 2020 emission target."
"It's not a big number - yesterday (20 March 2008) the Australian share market traded 2.35 billion shares worth $13.84 billion in one day, and almost two thirds of the value was in just 20 stocks. The falls of 3% of market value effectively shaved about $40 billion off the value of the sharemarket." says Dr Wills.
"Compare this to a potential emissions trading market - with Australia's greenhouse gas emissions at under 600 gigatonnes, even if they were valued at a large $40 a tonne, those total emissions are worth less than $24 billion dollars per year. Compared to daily trades on the share market, this is small change – on rough numbers not even $100 million per day. And as emissions reduce, the number is more likely to fall."
"This is not to belittle the importance of the task of addressing climate change and designing the best possible emissions trading scheme to assist in the task of reducing greenhouse gas emissions - it will be challenging. And it will fundamentally change the way we think about energy and how we do business." Dr Wills explained.
"But it is also achievable, and won't break the economy." says Dr Wills
"In fact, unlike recent experiences on the share market, the investments we are talking about won't be losses, they will be investments returning real profits in new operations that deliver new jobs in real, emissions free energy. Investments that won't cost the Earth - just save it."
"The Federal Government has promised $31 billion in tax cuts over several years. By comparison, $30 billion invested in renewable energy over a decade is not a big number and it would make a world of difference."
"The key is taking immediate action in Australia to ensure we start building all new electricity generation from renewable sources today, and ramp up work to take Australia to improved energy efficiency and lower greenhouse gas emissions across all sectors of industry."
"Renewable energy is the new economy. Fossil fuels are so last century - investing in renewable energy will create a more sustainable economy for Australia," says Dr Wills.
Media Contact:
Dr Ray Wills
TEL: +61-430-365-607
Editors notes:
1. The Western Australian Sustainable Energy Association Inc. (WA SEA) is the peak body for the sustainable energy industry in Western Australia. www.wasea.com.au. WA SEA is a diverse group of sustainable energy companies and businesses including some of the largest energy businesses in Western Australia. WA SEA members are businesses involved in sustainable energy practices and including energy efficiency across government, business and the community in infrastructure; architecture and design of buildings and homes; performance of appliances, vehicles, machinery, and industrial processes; use of renewable energy generation including passive use and solar hot water.
2. Details of the Garnaut Climate Change Review are available from http://www.garnautreview.org.au/
3. Dr Ray Wills has more than 25 years experience in government, Parliament, industry, industry bodies, NGOs and academia. Dr Wills is respected by business, government and community leaders in WA as an authoritative commentator on policy and functional responses to reduce greenhouse gas emissions and adapt to global warming. In addition to being CEO of WA SEA, Dr Wills is an Adjunct Senior Research Fellow with the School of Earth and Geographical Sciences at the University of Western Australia.
Contact
Media Contact:
Dr Ray Wills
TEL: +61-430-365-607
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