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Japan's net zero by 2050 pledge another warning to Australia on fossil fuels, analysts say
(The Guardian, 26 Oct 2020) The Morrison government is urged to prepare for a shift in the global economy as major trading partners move to cut emissions.
A pledge by Japan to cut its greenhouse gas emissions to net zero by 2050 underscores the risk facing Australia if it fails to prepare for the inevitable shift in the global economy and falling demand for fossil fuels, analysts say.
The new Japanese prime minister, Yoshihide Suga announced the target in his first policy speech to national parliament since taking office last month. He said responding to the climate crisis was no longer a constraint on growth, and proactive measures to change the country’s industrial structure would expand the economy.
Japan is the biggest market for Australia’s thermal coal and gas exports, buying more than 40% of each. Suga’s announcement follows China saying it would reach “carbon neutrality” no later than 2060.
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