Commenting on President Donald Trump’s decision to pull the United States out of the Paris agreement, Tim Buckley, Director of Energy Finance Studies Australasia at Institute for Energy Economics and Financial Analysis (IEEFA) said: “The Paris Climate Agreement is a critical historic milestone, and the result has been an acceleration in investment activity, renewable cost deflation and technology development that has reached critical mass.
“Renewable tariffs are now reaching and even falling below grid parity in an ever-widening number of countries.
“Prime Minister Turnbull would be wise to support China and India’s global leadership in terms of clean energy technology, investment and financial capital deployment.
“They are the two most important countries globally in terms of momentum in energy market transformation, achieving economic growth rates more than double the US.
“Both China and India are also rapidly deploying energy efficiency, undertaking massive, transformative electricity grid expansions and renewable energy deployments at historically unprecedented rates in a virtuous deflationary cycle. By comparison, Australia’s clear domestic energy crisis and rampant energy inflation shows the flaws in backing fossil fuel “solutions” designed by the fossil fuel companies.
“Both countries have committed to accelerating these endeavours, and to stay the course on their Paris commitments. Both reference investment and jobs, as well as the need to control pollution as primary economic and political drivers that make these decisions logical and compelling, regardless of or even taking advantage of American isolationism.
“An energy revolution is already on its way with China and India leading the charge in our region to a low carbon economy. Australia will fall even behind if we continue to pander to and subsidise the dying thermal coal industry.