Energy Minister Chris Bowen has joined with the United Nation\u2019s top climate official to spruik the benefits of solar, wind and hydro-electric power as a hedge against global inflation and elevated oil prices triggered by the Iran war.<\/p>\n
Addressing attendees at a climate summit in the German city of Bonn in his new role as president of negotiations for the COP31 summit, Mr Bowen said that the transition to renewables would help insulate economies from international shocks. <\/p>\n
\u201cThe fragility of fossil fuel supply chains makes this case even more compelling,\u201d Mr Bowen told delegates on Monday (Tuesday, AEST) at the opening plenary of the Bonn Intercessional \u2013 a mid-year negotiating session before November\u2019s UN COP summit in Turkey. \u201cSolar energy must travel 150 million kilometres from the sun to the Earth, but it does not have to travel the 150km through the Strait of Hormuz. The wind cannot be sanctioned. Hydro \u00adenergy cannot be blockaded.\u201d<\/p>\n
Retaliatory rocketfire between Israel and Iran in recent days has threatened to derail Donald Trump\u2019s efforts to extend a fragile ceasefire brokered between the two countries, dampening hopes of an imminent reopening of the Strait of Hormuz \u2013 a key conduit for crude oil supply. <\/p>\n
Speaking at the same event, Simon Stiell, the UN\u2019s climate change executive secretary, struck a similar tone, arguing the recent events in the Middle East had exposed the economic costs of dependence on fossil fuels.<\/p>\n
Asserting the Iran war had sparked a \u201cfossil fuel cost crisis\u201d, Mr Stiell said the case for accelerating investment in renewable energy had become \u201ccrystal clear\u201d. \u201cContinuing our fossil fuel dependency means continuing to import inflation and economic instability, while exporting energy security, sovereignty and policy autonomy, leaving economies and communities exposed to climate disasters, taking a wrecking ball to lives and prosperity everywhere,\u201d he said. Despite the pair\u2019s calls, leading energy advisory firm Energy Quest said on Tuesday that Australia would remain dependent on imported oil for many years, leaving it vulnerable to supply disruptions and price shocks.<\/p>\n
The consultancy noted that while domestic oil and gas production had declined, overall consumption has remained largely unchanged. \u201cEnergy systems at a national scale do not transform easily or quickly,\u201d the firm said in a note to clients. \u201cThere has been a major effort to increase renewable supply in the (National Electricity Market) but Australia continues to rely on fossil fuels for more than 90 per cent of primary \u00adenergy supply, and oil remains the main source of energy.\u201d<\/p>\n
Despite the pair\u2019s calls, leading Australian energy advisory firm Energy Quest said on Tuesday that Australia would remain dependent on imported oil for many years, leaving it vulnerable to global supply disruptions and price shocks.<\/p>\n
Mr Bowen assumed the role of COP president of negotiations at last year\u2019s summit in Brazil after a dispute over hosting arrangements led Australia to share responsibilities with Turkey. While Turkey will host the conference, Mr Bowen will oversee efforts to secure an agreement.<\/p>\n
As COP president, Mr Bowen is leading work with country delegations to reach consensus on emissions-reduction issues, raising global ambition to tackle climate change, and building relations with countries, institutions, businesses and other stakeholders. His efforts to influence negotiations thus far have been limited, however, with soaring fuel costs in Australia making any trip abroad politically sensitive. <\/p>\n
After cancelling a trip in April to the Petersberg Climate Dialogue in Germany, the first major event of the COP circuit, Mr Bowen travelled to Denmark last month for the Copenhagen Climate Ministerial.<\/p>\n
His international engagements have drawn sustained criticism from the Coalition, which has accused him of being distracted from his domestic duties and establishing a \u201csprawling new COP 31 bureaucracy\u201d to help co-ordinate a precursor Pacific event and assist him in his duties.<\/p>\n
Opposition energy spokesman Dan Tehan on Tuesday criticised Mr Bowen\u2019s international engagements, noting their cost had come on top of $485,000 spent on taxpayer-funded trips for officials supporting Australia\u2019s participation in the COP31 summit. \u201cFor Bowen to use the trip to lecture Australians on renewables when they are still waiting for their promised $275 off their power bills as winter comes beggars belief \u2026 We need cheap, abundant and reliable energy in Australia, not Chris Bowen\u2019s ideological-driven fantasy,\u201d he said.<\/p>\n
Although Australia\u2019s role in hosting the COP conference has drawn support from environmental groups, on Tuesday they urged the government to accelerate the transition from fossil fuels. \u201cMore clearly needs to be done to ensure COP31 is a moment of true implementation,\u201d Greenpeace Australia\u2019s head of Pacific Shiva Gouden said.<\/p>\n