Scott Morrison in modelling muddle over net zero by 2050

Prime Minister Scott Morrison is resisting pressure to release the modelling underpinning his government’s plan to achieve net zero emissions by 2050, as it’s revealed the Federal Treasury has not modelled the effects of climate change and emissions reductions on the nation’s economy for years.

The planet will warm by at least 2.7℃ this century if nations make good on their emissions reductions by 2030 targets, according to a new report from the United Nations Environment Programme (UNEP) on the eve of global climate talks. 

Business groups are backing limits on carbon emissions as the International Monetary Fund (IMF) says the world needs a price on carbon, but the Australian government is ruling out both carbon caps and a carbon price in its plan to achieve net zero emissions by 2050.

Federal Treasury has not modelled climate change risks in years
Treasury secretary Steven Kennedy told Senate estimates the Federal Treasury has not modelled the effects of climate change and emissions reductions on the economy for years and has revealed its limited involvement in the government’s new plan for net zero by 2050.

If all 2030 climate targets are met, the planet will heat by 2.7℃. That’s not OK
If nations make good on their latest promises to reduce emissions by 2030, the planet will warm by at least 2.7℃ this century, a report by the United Nations Environment Programme (UNEP) has found. This overshoots the crucial internationally agreed temperature rise of 1.5℃.

Businesses back emissions caps as IMF says the world needs a carbon price
Business groups are backing limits on carbon emissions to drive the green transition to net zero, as the International Monetary Fund (IMF) says the world needs a price on carbon and global leaders must deliver it together. But the government is ruling out both carbon caps and a carbon price in its plan to achieve net zero by 2050.

Soils can't hold enough carbon to offset Australian emissions, experts say
Australia's plan for net zero includes "dangerous" soil carbon assumptions and could be too expensive without a market mechanism, according to agricultural emissions experts.

Human, natural capital key to sustainable economic growth, World Bank says
Economic growth can only be considered truly sustainable if human and natural capital are part of the equation, as gross domestic product and other traditional measures fall short, a new report from the World Bank showed.

Are all 'eco-friendly' products safe for the environment? These expects say beware of 'greenwashing'
In an increasingly competitive market, many brands try to differentiate themselves by touting their eco-friendly credentials. According to some experts, so-called 'greenwashing' — where a company overstates how good their product is for the environment — is rampant.