…the auction takes care of less than 20% of necessary reductions, and delivers the bulk of them 5 years late. And that assumes they’ll be finished on time, which is a big assumption for projects that involve construction…cost of all this is $660M – more than a quarter of the $2.55 B available to the government.
At this rate, if the government conducted the remainder of its auctions this year and got exactly the same deal – a deal which was wildly better than anyone expected – it would be on track to reduce its emissions by about 183 million tonnes by 2025. That is 52 million tonnes short of the target, 5 years late. So while the auction may have gone much better than expected, Australia is still miles off meeting the target. Greg Hunt’s statement that we will “breeze past” the emissions reduction target is therefore either blind optimism, or plain dishonesty.