“The IPCC has released a definitive guide to halting climate change. The tools are available to keep global warming to 1.5 degrees, what is missing is the political ambition to meet this challenge,” said Richie Merzian, climate & energy program director at the Australia Institute.

“The cost of technologies with the greatest potential to reduce emissions – renewable energy and storage – has plummeted. We must harness these solutions, particularly in the transport sector, to implement the transition required.

“The landmark report on climate solutions stands in stark contrast to the recent Australian Government budget which prioritised funding for fossil fuels and false climate solutions (on top of $10.5 billion in fossil fuel subsidies the previous year), left out funding to electrify transport, and allocated very little for renewables.

“At the Glasgow Climate Conference, the Australian Government stood side by side with Santos to promote Carbon Capture and Storage (CCS) technology, which has failed to meet every major international target set for it, despite billions in support over the last 2 decades.

“Merely a day before the IPCC report release, the Australian Government proudly patted itself on the back for being the world’s number one metallurgic coal exporter and second largest thermal coal exporter. This report reaffirms the need for a substantial reduction in fossil fuels.

“If the world can rise up to the challenge of net zero emissions then every company and government must do all it can to get to zero emissions and only then look to offset what remains. The role of carbon credits should be a limited last resort, not a first port of call.”