Coal, gas and oil are driving skyrocketing power prices which are hurting households, businesses and industries both in Australia and around the world, IEA’s 2022 World Energy Outlook revealed.
Fossil fuels are 90 percent responsible for electricity prices increasing, with gas alone being 50 percent to blame.
This outlook comes a year after the traditionally conservative body called for an immediate end to fossil fuel expansion.
Andrew Stock, Climate Councillor, former Origin Energy executive and past director of the Clean Energy Finance Corporation, said:
“The IEA report has made it abundantly clear that fossil fuels are the root cause of this problem, particularly gas, which is the most expensive form of power in Australia.
“This global report points to an obvious, affordable solution – a rapid transition to renewable energy. Which would be a win for households, businesses, jobs and the climate.
“Solar and wind are the cheapest sources of power globally, and are already outcompeting fossil fuels. The report highlights the forecast increase in total global energy demand to 2030 will be met almost entirely by renewables.
“The message for Australia is clear. After a wasted decade, we are now on the right track, but have tremendous ground to make up.”
Andrew Stock
Dr Carl Tidemann, Climate Council Senior Researcher said:
“For the first time ever, the IEA has identified that global demand for fossil fuels will peak by the mid 2020s. This is the curtain call for coal, oil and gas.
“World leaders must heed the IEA’s advice and grasp this chance to tackle the energy crisis and the climate crisis together.
“Australians shouldn’t continue to bear the burden of fossil-fuel driven price pain, just so that fossil fuel corporations can continue to rake in mega profits, while continuing to fuel climate change.”
“Fossil fuels don’t belong in our energy mix, our homes, or on our athletes jerseys. They belong in the polluting past, and are thankfully headed that way.”
Dr Carl Tidemann
Based on Australia’s high emissions, economic strength and vast untapped opportunities for renewable energy, Australia should be aiming to reduce its emissions to 75% below 2005 levels by 2030. Here’s 10 climate game-changers to get us started.
ACOSS calls for gas price cap to relieve cost of living pressure
Australian Council of Social Service (ACOSS) called on the Federal Government to intervene in the energy market as a matter of urgency to bring down energy prices and inflation and relieve unbearable cost of living pressures – especially for those on the lowest incomes.
ACOSS CEO Dr Cassandra Goldie said:
“Predicted energy price rises of 56 per cent over the next two years will be impossible for people on low incomes who are already struggling with the high cost of housing, fuel and food.
“People on the lowest incomes do not have anything left in their budgets to cut back on and are at breaking point.
“We are worried about what consequences this leaves for people, including debt, disconnection, or homelessness. These are unacceptable choices to be made in such a wealthy country.
“In addition to increasing Jobseeker and related payments to at least $73 a day and providing energy debt relief, the Government must intervene in the energy market by putting a cap on domestic wholesale gas prices, implementing a super profits tax and establishing a prospective domestic gas reserve.
“These measures will relieve pressure on domestic gas and electricity prices, helping ease inflation and energy bills.
“The revenue from the super profit tax can be used to accelerate the transition to clean energy and invest in energy efficiency and solar energy upgrades to low-income households.
“People on the lowest incomes should not be forced to go without food and heating or cooling while gas companies are making eye watering profits off public resources.”
Lendlease, a global investment, development and construction company, and real estate investment trust, The GPT Group (GPT) has committed to an end to gas in kitchens of new developments in OECD countries by 2030 and all-electric retrofits of existing properties by 2040. This is the most ambitious commitment currently in place in Australia.
Lendlease has a global portfolio of AU$44.4 billion in funds and AU$30 billion in assets under management, with GPT managing a AU$26.9 billion portfolio of Australian office, logistics and retail assets.
