FED: Australia not carbon competitive: report
Mon Sep 14 03:50:06 EST 2009
Sun Sep 13 17:50:06 UTC 2009
Subject: [Fwd: FED: Australia not carbon competitive: report] name="FED: Australia not carbon competitive: report.eml" filename="FED: Australia not carbon competitive: report.eml" Subject: FED: Australia not carbon competitive: report FED: Australia not carbon competitive: report EDS: Embargoed until 0100 AEST Monday, September 14
CANBERRA, Sept 14 AAP - Australia has ranked among the worst in the developed world for being carbon competitive, potentially threatening future investment.
The first-ever G20 low carbon competitiveness report looked at productivity versus emissions or "carbon productivity" and made a sad assessment of Australia's standing and future growth.
Australia ranked 15th in an analysis of its capacity to generate business in a low carbon economy, the lowest position of any industrialised country.
The report also found Australia was in the bottom of the pack when it came to its share of meeting the global greenhouse gas target of 450 parts per million by 2020.
It came 16th, with only Turkey, Russia and Saudi Arabia requiring a bigger turnaround to get back on track.
The situation had the potential to ruin Australia's economic viability, Investor Group on Climate Change's Nathan Fabian said.
"Assuming global moves to lower emissions, economies that grow as they lower emissions will become the most attractive to investors," he said.
"If Australia lags other economies in reducing emissions, local investors will look to economies that provide both economic growth and lower emissions risks."
Australia's low ranking was a result of its carbon intensive exports, low use of clean energy and high consumption of transport fuels, the Climate Institute said.
France, Japan, the United Kingdom, South Korea and Germany ranked the best for carbon competitiveness.
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FED: Australia not carbon competitive: report