Jim Chalmers says Coalition’s no to net zero ‘economic insanity’ with billions at stake
Jim Chalmers has used new figures showing more than $11 billion is being plunged into critical minerals around Australia to lambast the Coalition over its back-track on net zero.
The latest Deloitte Investment Monitor report has warned that global uncertainty is weighing on investment, but that the net-zero transition to renewables is underpinning projects.
“Not pursuing net zero by 2050 risks lower economic growth, reduced investment, missed export and employment opportunities, and higher electricity prices,” the report said.
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By continuing you agree to our Terms and Privacy Policy.The Treasurer said it’s proof the Coalition’s new energy policy is “economic insanity”.
“What the Coalition is proposing would decimate investor confidence around Australia and risk billions of dollars of investment.
“Abandoning net zero would swing a wrecking ball through the energy market, through investor certainty and put billions of dollars of critical minerals projects at risk.”
The Deloitte report also highlights the potential value of artificial intelligence, driving a rapid build-up of data centres worth $37 billion.
“As businesses and governments around the world race to take advantage of the transformational potential of AI, the next physical infrastructure boom has been set in motion,” Deloitte Access author Stephen Smith said.
“The second wave of AI-driven investment will be energy. Rapid growth in data processing activity will increase the load on the national electricity grid, and the size of Australia’s renewable energy investment will grow larger still”.
