Australia’s admission to the G7’s Climate Club could offer real change or just more marketing spin
Australias finally got a ticket to the global Climate Club, but will a critical eye on our track-record be the price of admission? The velvet rope has lifted, the bouncers have given the nod and Australia is now officially in the club. The Climate Club, that is. So, everyone wants to know: does this represent just a shiny new badge, or will genuine change occur? The G7 Climate Club was the brain child of German chancellor Olaf Scholz and put into action in 2022 by the G7 countries (that is, Germany, France, Italy, Canada, the UK, Japan and the US). It is designed to rally governments around the world to collaborate more on urgent climate action, particularly when it comes to industrial decarbonisation, to ensure we meet the Paris Agreement target of limiting global warming to 1.5C . Australias admission to this club aligns neatly with this months introduction of legislation that will rein in the big polluters, via the strengthened safeguard mechanism. Encouraging things are happening, for sure, but its not time for a victory dance . It might be argued that Australia had an obligation to join the club, and to work harder and faster. Keep in mind that our emissions reduction targets still lag behind many advanced nations, despite our abundance of wind, sun and critical minerals and economic wealth. This could be a great opportunity for Australia. Our government loves to talk about Australias potential as a renewable energy superpower. Teaming up with other advanced economies opens the door to feasible technological breakthroughs. Just as the worlds nations rallied to confront the Covid-19 pandemic, the same approach will be required for the climate emergency. Then, working hand-in-hand brought us the mind-blowing scientific feat of the Covid-19 vaccine. Our superpower status will come not from renewables investment alone, although that is a critical component, but it lies in using green energy to create new industries across Australia, like no, or very low, carbon products in currently hard-to-abate sectors. Open cooperation among club members will in fact be essential to us getting to where we ought to be on the transition journey. And vitally, it should unlock more support for developing and emerging nations , which is a core aim of the club. Lets face it, the clubs ambition to achieve net zero emissions by 2050 is totally insufficient when you consider the size of the challenge ahead . We need much faster action. A more immediate goal is needed for Australia: net zero by 2035, in line with what the science requires for a safe future. This is possible and even more attainable through global collaboration. And for those rich nations who snub the club, the price could be high, most likely in the form of carbon border adjustment mechanisms (which is a type of tax on imports from high-emitting countries). Our journey from being considered a climate laggard to being welcomed back into the international climate action fold signifies a pivotal recovery for Australias reputation. Yet, this acceptance is quite rightly shrouded in scepticism. Our shameful legacy as a fossil fuel giant and the governments stubborn insistence on green-lighting major climate wrecking fossil fuel projects three so far this term is jarringly at odds with its commitment to combat the climate crisis. Theres a world to save, and every step, every action counts. Australia has finally made it on to the VIP list at the Climate Club; lets hope they take their membership seriously. Nicki Hutley is an Australian economist with the Climate Council