• IPCC report finds  action to reduce greenhouse gas emissions is increasing around the globe
  • A swift exist from fossil fuels, including coal, is needed
  • Countries will respond to IPCC findings at COP27 in Egypt this year 


The world has every chance to cut emissions deeply and Australia is critical to the global effort, say leading authors from The Australian National University (ANU) of the latest Intergovernmental Panel on Climate Change (IPCC) assessment report on climate change mitigation.

The report, which is the world’s definitive stocktake on climate change action, highlights the need for action to reduce greenhouse gas emissions around the globe.

Focusing on climate solutions, the report finds that renewable energy backed by batteries is the cheapest pathway for the world to tackle climate change and endorses a swift exit from fossil fuels to realise it.

Current government policies including Australia’s are setting the world up for climate disaster, the report says, and without early retirements, or reductions in use, current fossil infrastructure will emit more greenhouse gases than is compatible with limiting warming to 1.5°C.

New fossil fuel developments, like Woodside’s planned Scarborough gas mine, will “lock the world in to a high emissions scenario that will drive dangerous climate change.”

Professor Frank Jotzo, a lead author on the report and based at the ANU Crawford School of Public Policy, said there were “clear lessons for Australia”.

“This report shows strong climate action can keep global warming below two degrees,” Jotzo said.

“The IPCC assessment finds that the world’s emissions could be cut in half by 2030 at affordable costs if action is taken right across the board.”

Not only does this mean rapid reductions in demand for fossil fuels, especially coal, but industry, transport, buildings and shifts in consumption habits are also key parts of the puzzle.

“All of these are effective, they work in tandem, and practical experience has shown how they can be economically efficient,” Jotzo added.

“Through clever climate policy design, adverse effects on low-income earners can be avoided.

“Getting on a net zero emissions trajectory can even benefit sustainable development, which is key for developing countries – cutting emissions goes hand-in-hand with other benefits to society.”


COP27 in Egypt: A chance for countries to respond to IPCC findings

According to Greenpeace Australia, the report confirms that countries’ climate plans and policies are not in line with the Paris Agreement warming limit and provides a framework for governments on how to meet the promises made last year in Glasgow at the UN climate summit, where they agreed to revisit their national mitigation targets by the end of 2022.

The next summit, COP27 in Egypt in November this year, is where countries will have to respond to the IPCC findings on the continuous lack of action.


GEV changes name to Provaris Energy

Global Energy Ventures (ASX:GEV) has changed its name to Provaris Energy, reflecting the transition and growth into a developer of integrated renewable energy projects such as the production and transport of hydrogen using the GH2 Carrier.

GEV managing director and CEO Martin Carolan said the new name is derived from a combination of Latin words that give rise to the ‘pursuit of the original or universal energy’ with hydrogen being the original or first element created.

There is a requirement for technical innovation that delivers green fuels such as hydrogen in a simple and efficient way and can act as drivers for long-term economic growth as well as to decarbonise hard-to-abate sectors.

GEV believes it is well positioned to play a role in accelerating the production and delivery of new green energy sources worldwide.

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Pilot Energy increases interest in WA-481P to 100pc

Pilot Energy (ASX:PGY) has increased its interest in the WA 481P offshore exploration permit to 100%.

This comes after having received final approval from the National Offshore Petroleum Tenures Administrator (NOPTA) of the 40% interest previously held by Key Petroleum Limited.

Pilot is now the 100% owner and operator of the WA 481P offshore exploration permit, meaning it has full control to progress both the petroleum exploration work program, which is highly prospective for natural gas and enables Pilot to seek the necessary approvals to also pursue the CCS potential of the permit area.

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