The Nationals' U-turn on Net Zero: A Costly Betrayal for Regions and Farmers
The Nationals' abrupt reversal of their net zero commitment, made as part of the Coalition in 2021, poses a significant threat to Australian farmers and regional communities grappling with the harsh realities of climate change. This decision, according to the Climate Council, could have devastating consequences, including a substantial economic downturn and increased government spending on disaster recovery.
The Nationals now advocate for aligning Australia's emissions reduction efforts with the OECD average, a move that party leader David Littleproud equates to a mere half of Australia's current trajectory. This shift, however, is far from harmless. Climate Council research reveals that abandoning net zero could result in a staggering economic loss of $135-423 billion by 2063 and a sevenfold increase in government spending on disaster recovery by 2090. These figures are particularly alarming when considering the astronomical cost of the 2022 Lismore floods, which amounted to $6.4 billion alone.
The implications are dire for regional communities already battered by floods, fires, droughts, and storms. Climate Council CEO Amanda McKenzie underscores the gravity of the situation, stating that a net zero backflip would equate to more than 3°C of global heating, resulting in billions of dollars in damage to farmers and regional towns. McKenzie emphasizes that this decision would exacerbate climate-driven disasters, with communities, especially in the regions, bearing the brunt of the consequences.
The Nationals find themselves in a precarious position, as they must address the soaring insurance premiums, recovery bills, and freight costs that will inevitably accompany escalating disasters in regional communities. According to Climate Council research, ditching net zero targets could render over 1.3 million Australian homes (8.8%) uninsurable by 2100, further exacerbating the challenges faced by these communities.
The Climate Change Minister, Chris Bowen, has vehemently criticized the Nationals' betrayal of regional Australia. Bowen highlights the stark contrast between the potential losses and gains for regional communities. He emphasizes that renewables are not just essential for maintaining power supply as coal plants retire but also for creating jobs and generating new revenue across regional Australian communities.
Western Australian cropper Kit Leake echoes this sentiment, expressing concern that the abandonment of net zero targets will deter passionate buyers who value these commitments. Leake argues that farmers are already making significant efforts to address climate change, and all industries should follow suit.
