Governments around the world are increasingly committing to more ambitious climate targets. It sounds like good news after decades of climate scientists imploring urgent emissions cuts, but a new report from the International Energy Agency shows it’s barely a first step.

The report said even if all these targets were met, the planet would still warm by a dangerous 2.1℃. So it came up with a world-first roadmap for bringing global emissions down to net zero by 2050. And it was abundantly clear: no new fossil fuel projects should be approved.

Meanwhile, the Morrison government did the exact opposite, announcing $600 million for a major new gas-fired power plant. In today’s lead story, Deakin University’s Samantha Hepburn calls this move “reckless and unfair”. We have the resources and economic strength to transform our energy sector, unlike many developing countries. But we choose not to do this.

And as Arjuna Dibley writes, the government’s new gas plant funding is inconsistent with research showing government-owned companies can help drive clean energy innovation. Such companies are often branded as uncompetitive, stuck in the past and unable to innovate. But in fact, they’re sometimes better suited than private firms to take investment risks and test speculative technologies.

If the investments are successful, taxpayers, the private sector and consumers share the benefits.

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