Sixth 2035 Climate Initiative roundtable

More than 40 state and federal government officials, investors, and leaders representing businesses and workers met for the sixth 2035 Climate Initiative roundtable on Tuesday 23rd of July. The session was a thoughtful examination of some of the key issues we face in balancing ambition and achievability while establishing our pathway to net zero. 

Together, we explored some of the challenges and opportunities associated with setting a high ambition agenda and what actions we need to take today to achieve our economic and climate goals in 2035. 

Critical to this success will be ensuring our emissions reduction targets and pathways are both credible and sufficiently ambitious to enable innovation and investment in new technologies and clean industries.

Below are some of the key themes that emerged from the discussion:

Balancing ambition and achievability

• We can’t choose not to transition. Need the right balance of ambition and achievability.
• Achievability is about making the transition credible, while the role of high ambition in signalling policy intent is to lay the ground for investment.

Role of Government and Private Sector

• Both government coordination and private sector involvement are crucial in the transition to a low-carbon economy. 
• Clear, long-term targets up to 2050 are necessary to attract capital to Australia and drive a coordinated effort among all stakeholders.

The transition is an investment 

• Much of the work underpinning the transition (e.g. network upgrade) needs to be done regardless. The marginal costs of the transition are not as high as they appear.
• We need to reframe language from the cost of the transition to investments that deliver returns for climate action and the economy.

Technological progress is exceeding forecasts 

• We are already well past what we thought was possible on the technology front.
• We need to take transformation up a notch and create a virtuous cycle of learning and doing. Use tipping points to target and accelerate action.

Social licence and credibility 

• Social licence and equitable transition is a real issue. Communities need to see and understand the benefits.
• Crediting the work that has already been done, helping the big reforms to stick, while highlighting what still needs to be done will be critical to build confidence and credibility.