Australia to phase out Petrol, Diesel after first climate risk assessment report

The Australian government is planning investments in low-carbon liquid fuel in a bid to cut emissions after the first climate risk assessment report and could eventually phase out petrol, diesel entirely.

The Anthony Albanese led government announced a $1.1 billion investment in low carbon liquid fuels on Wednesday, September 17, in a bid to deliver sustainable fuel that can power trucks, cargo ships and even planes.

In an interview with www(dot)news(dot)com(dot)au, Treasurer Jim Chalmers said that the government wants to capitalize on the opportunity arising from global net zero transformation.

He said, “Becoming a leading producer of sustainable low carbon liquid fuels will produce enormous opportunities for Australia, putting it at the forefront in the growing global supply chain.”

Murray Watt, Minister for Infrastructure, Transport, Regional Development and Local Government, said the investments in sustainable fuel will produce jobs for Australians.

He added that low carbon fuels have the potential to be a $36 billion industry in Australia.

The climate risk assessment report released earlier has warned that 1.5 million Aussies living in coastal areas could be at risk by 2050 due to rising sea levels.

The report further stated that extreme weather patterns such as floods, cyclones, heatwaves, droughts and bushfires will become more frequent.

The assessment report is expected to help the government define emission targets for 2035.