THE SQUIZ
The paperwork has been filled out and sent to Climate Change HQ – PM Anthony Albanese has signed Australia up to a new short-term emissions reduction target. Dispensing with the Coalition Government’s 2030 target of 26-28% below 2005 levels, Albanese has written to the United Nations to commit to a 43% reduction. Both of our major parties back the net zero emissions target by 2050. Albanese says it should end the “climate wars” and provide an “opportunity to provide the certainty going forward” to get the business sector working towards it.

YEAH, ‘COS 2030 AIN’T FAR AWAY…
You’ve got that right, and the race is on to keep global warming to under 2C this century… Albanese’s plan (sans some details still to be worked out…) is set out in Labor’s Powering Australia policy that he took to the election. It includes things like improving the electricity grid’s infrastructure, changes to managing pollution from the big emitters, and more ‘clean energy’ generated by renewable sources. “For years, the Australian Government told the world that was all too hard. Told Australians it was too hard … Well, the Albanese Government today sends a very different message,” Energy Minister Chris Bowen said yesterday. Angus Taylor – the guy who had that job until 21 May – said he didn’t know how Labor would reduce emissions and lower energy prices, particularly with all the problems the National Electricity Market is experiencing. “I can’t see how they are going to deliver all that,” he said yesterday.

CAN I KEEP MY HEATER ON?
So far, so good… But reports say the ​​electricity generators aren’t happy. They want to know how the system will work after the Australian Electricity Market Operator (AEMO) took control on Wednesday. To recap: they are under pressure to produce more power to ease the supply crisis affecting the east and southeast of Oz. For the coal/gas-fired generators part, they want to know how they will get paid because making power costs some producers more than the price cap set by the regulator. A bit more than half of Australia’s electricity is fired by coal – but coal assets/mines are winding down, and the new government has ruled out extending their life as a short-term solution. Oh, and there’s the coldest start to winter for a while to deal with. Simples…