Professor Ross Garnaut AC delivered six webinars in this RESET series. More information on the series is available here.
On Wednesday 17 June, Professor Garnaut delivered webinar #5, Building the Superpower of the Low Carbon World Economy.
The Faculty of Business and Economics was pleased to host this seminar in partnership with the Melbourne Energy Institute (MEI).
The fifth lecture outlined how embracing the opportunities of the low carbon world economy can accelerate Australia’s recovery from recession and put us in a strong position to realise our potential as a Superpower of the emerging new world economy. The pandemic economic crisis has depressed demand for all energy, including old fossil as well as new zero emissions sources. Higher marginal costs of supply places most pressure for decline and adjustment on old energy. Allowing the natural decline in old energy after the collapse in 2020 to take its course, and allowing the new energy to expand with the restoration of growth in energy demand, will support the expansion of energy-intensive manufacturing activity, including the processing of Australian iron, aluminium and other mineral raw materials. Judicious support for the zero emissions economy will also support the emergence of new economic activity that utilises Australia’s immense opportunities to store carbon in the landscape and to produce biomass as a base for zero emissions chemical industries.
Economically efficient use of the low carbon opportunity can contribute a major part of the expansion of investment, output, employment and incomes in recovery from deep recession.
Restoring Australian prosperity will require the strengthening of an independent centre of the Australian polity—independent of vested interests and of partisan competitive political interests. It will require an elevation of respect for the central role of knowledge in a successful democracy.