The Australian Government has released its comprehensive National Climate Risk Assessment, highlighting the urgent need for both Australia and the global community to increase investment towards achieving net-zero emissions. The report emphasizes that the current target is ambitious yet attainable, aiming to provide businesses and investors with essential clarity and confidence as Australia navigates its climate responsibilities.
In light of the report’s findings, new initiatives such as the Future Made in Australia investments, the carbon removal efforts through the Australian Carbon Credit Units (ACCU) scheme, and the establishment of a Net Zero Fund within the National Reconstruction Fund are being introduced. These measures are seen as constructive steps towards meeting the nation’s climate goals. Nevertheless, the assessment warns that climate change impacts could cost Australia approximately $40.3 billion annually by 2050, even if global warming is limited to 1.5°C. Currently, Australia is already experiencing this temperature increase.
The report raises a critical question: how can Australia confront the challenges posed by overwhelming scientific evidence? Addressing climate change requires not only reducing future emissions but also managing existing emissions that have already contributed to warming. The economic burden of climate action must be distributed equitably to avoid disproportionately affecting vulnerable communities and nations. The consequences of inaction, including loss of life, destruction of property and ecosystems, and declining living standards, will likely impact those already at a disadvantage.
Adaptation strategies must include enhancing the resilience of ecosystems, such as developing heat-resistant corals for the Great Barrier Reef and protecting flood-prone areas. Improved climate modeling and the establishment of alternative industries in mining regions are also essential. While nature-based solutions like afforestation and reforestation are beneficial, they will not suffice on their own. Australia needs to explore a range of innovative greenhouse gas removal techniques, such as direct air capture, ocean alkalinity enhancement, and mineral carbonation, to effectively combat climate change.
The Australian Academy of Science’s 2023 report on greenhouse gas removal underscores that current technologies are not yet at the scale needed for significant impact. Investment in research and development (R&D) is crucial, especially as government spending on energy transition R&D has reportedly declined by nearly 75% since its peak in 2013. This decline is concerning at a time when accelerated energy transition is imperative.
Looking to the past, the advancement of solar energy technology in Australia serves as a prime example of what is achievable through sustained investment in R&D. Despite initial skepticism, Australian scientists persisted in developing new solar technologies, leading to the affordable solar energy solutions vital to the country’s economic and environmental landscape today.
The call for action emphasizes that Australia cannot address climate change in isolation. Elevating greenhouse gas removal to a national research priority involves fostering global collaboration, pooling resources, and leveraging diplomatic efforts to make this an international focus.
As the government reviews the R&D system, there exists a significant opportunity to prioritize investment in scientific capabilities. It is essential to maintain ambitious climate targets rather than adjusting them downward. As articulated by Professor Chennupati Jagadish, President of the Australian Academy of Science, this moment calls for innovative solutions and a level of investment comparable to that witnessed during World War II. Rising to this challenge will require collective action and unwavering support for scientific research and development.
