A Biden win puts pressure on Australia to dump the use of controversial Kyoto credits to meet its Paris Target.
“There will now be increased pressure on Australia to abandon its proposed use of so-called Kyoto carry-over credits,” said Richie Merzian, climate & energy director at the Australia Institute.
“Australia Institute research and legal analysis has consistently shown that there is no legal basis for Australia’s intention to use these Kyoto credits, underscored by the fact that Australia is the only nation intending to do so.
“Importantly, Biden will pursue countries seen as ‘cheating’ on climate action, using ‘America’s economic leverage and power of example’. Given the use of Kyoto carbon credits to avoid any credible emission reductions – dubbed by the former UN climate chief Christiana Figueres as ‘cheating’ and by numerous Australian law professors as legally baseless – Australia may be a target of that pursuit.
“The growing climate action momentum from the US to China will result in significant pressure during the United Nations Climate Conference in Glasgow in November 2021 on Australia rule out the dodgy Kyoto carry-over credits.
“Adopting a net-zero target by 2050 will likely be insufficient for the Morrison Government in the lead up to Glasgow. It must voluntarily cancel these dodgy Kyoto carry-over credits if it wants to have any climate credibility next year.
“Biden’s election promised 100% clean energy by 2035, making it financial suicide to invest in any more fossil fuel power stations in the United States and sets the bar for an ambitious electricity sector transition.”