22: Net Zero Carbon. Demystified

Tony Wood, Energy Program Director at the Grattan Institute demystifies Net Zero Carbon with Burgernomics host Ross MacDowell. Straightforward explanations, highlighting the problems and defining responsibilities. This is a fascinating conversation.

Climate experts believe 6 bn tonnes of carbon dioxide needs to be removed from the atmosphere by 2050 if climate change is to be avoided. To date 0.00016% or 10,000 tonnes have been removed.

Net Zero Carbon will create massive shifts within the Australian economy, both pluses and minuses. Over the next 30 years, $86 billion dollars of coal and liquified natural gas export sales will disappear. Net Zero will reduce massive insurance payouts caused by bad weather events related to global warming. Net Zero will cause billions of dollars to be invested in new technology transferring Australian industry to net zero carbon emission by 2050.

Will the change to net zero cause consumer prices to rise to cover the cost of the transition? Will huge gov’t subsidies be required to shift industries into net zero putting pressure on our tax base? What are the role of carbon credits?