‘Twiggy' Forrest-led business campaign demands Albanese go greener

The Age

4 days ago

Prime Minister Anthony Albanese is facing one of his first major policy tests after his re-election as big firms, led by Andrew Forrest's Fortescue, demand a 75 per cent cut to Australia's emissions, and the government's hand-picked climate adviser prepares to tell the government what its 2035 target should be.
Labor ducked a fight on emissions at the May election by delaying a decision on the interim target required by the Paris Agreement – the legally binding international treaty on climate change – but the government's Climate Change Authority is expected to force its hand when it delivers long-awaited advice within weeks.
Sources familiar with the authority's thinking expect it to urge a cut of 65 to 75 per cent by 2035, which could add weight to calls for the prime minister to use his large parliamentary majority to legislate an ambitious target, despite the United States turning away from climate action and withdrawing from the Paris Agreement.
The Paris Agreement signed by almost 200 parties including Australia commits countries to reducing their emissions via five year targets to avoid global average temperature increases of more than 2 degrees, and ideally 1.5.
The stoush over Australia's emissions comes amid a global reckoning on climate change agreements as many countries in Europe debate the merits of deep emissions reductions targets after years of sharp rises to the cost of living.
Big business is split on climate targets. The Business Council of Australia, which represents more than 100 of the country's largest companies, is divided between telecommunications firms and banks happier with steeper cuts and resources companies worried about a speedier transition.
As the council debates options, a new coalition of mostly left-leaning companies, called the Business for 75 campaign that includes mining giant Fortescue, has formed to call for larger cuts.
Fortescue, whose founder Forrest accompanied Albanese on his visit to China this month, said it would continue to push the government to have higher ambitions.