Energy

Australia’s Climate Goals Are Killing Its Economy

One of Australia’s largest energy companies is warning that the country’s commitment to the Paris Climate Accord is exacerbating the its current energy crisis and risking the future of its economy.

Glencore head Peter Freyburg warned in a speech Wednesday that Australian businesses and investors are losing opportunity and confidence in the economy as Australia tightens regulations on energy in the midst of a fuel shortage, Bloomberg reported.

“Renewable energy has a role to play in Australia’s energy mix, but not at any cost and not at the expense of grid stability, reliability or other energy options,” Freyberg said. “If that means Australia needs to consider a possible delay in meeting its emission reduction targets under the Paris Agreement in order to prioritize energy security and economic prosperity, then it’s worthy of further discussion.”

Despite being the second largest exporter of liquefied natural gas in the world, Australia is struggling to keep electricity flowing in parts of the country because of a shortage of fuel. A power plant was forced to cut power to 90,000 homes in Adelaide to prevent a wider blackout before more fuel could be delivered, The Wall Street Journal reported.

Tesla CEO Elon Musk has pledged to aid Australia by building a battery system near Adelaide that can store power from a wind farm to prevent future blackouts, according to the WSJ.

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