IBUS2302 Globalisation and Business

The United Nations Intergovernmental Panel on Climate Change (IPCC), one of the world's leading scientific experts on global warming, announced in October 2018 that the world will reach zero carbon emissions by the middle of the century (Garnaut, 2019, p. 35). Garnaut observes that low-carbon power would come at a cost in Australia due to rising solar and storage prices. This was motivated by both sides. Lower capital costs for renewable energies go hand and hand with falling interest rates. Any of these economic powers will begin to demonstrate their potential; if applied in an environmentally viable, long-term, and growth-enhancing manner, these innovations may be a game-changer for Australia (Adams, et al., 2014, p. 318).

According to the author, by that point, Australia and the rest of the world's energy transformations will be using 100 percent renewables with high levels of protection and productivity (Garnaut, 2019, p. 47). As required, competitive market rates could provide power to industrial areas in each province. According to Garnaut, 60 countries have committed to a target of net-zero emissions by 2050; nevertheless, Australia, including China and the US, has set a 26-28 percent reduction in greenhouse gas emissions mitigation goal (Biswas, 2014, p.179). Australia's pollution rose after 2015, but the nation stands to benefit from action due to its economic position. Australia's massive landmass will become a global centre of crude, low-carbon industry, and carbon absorption. In Australia, soils and trees have begun to function as carbon sinks. According to Superpower, up to a Billion tonnes of CO2 may be captured per year.

Potential Growth in Zero-Emissions Electricity

Australia would expand the usage of renewable energy sources to influence public policy and reduce its reliance on non-renewable energy sources. Garnaut also discussed the excessive maintenance fees. He emphasized that we will accelerate improvement activities while constructing the current one (Garnaut, 2019, p. 47). Mineral refining and transportation in Australia are more than sufficient to fuel the next two hundredfold over the next several decades. The clever implementation of integrated systems would enable reduce costs by promoting both traditional approaches and cutting-edge manufacturing technology. As a result, tight interest regulations on environmentally friendly investments are needed. Once one company begins to care about the environment, others will follow suit (Clarkson, et al., 2015).

This creates a win-win scenario for everybody. Investing in environmentally friendly projects can necessitate a long-term strategy. Ecology is incredible since it cuts through many fields. The sum of energy consumed by the stores is replaced by photovoltaic (PV) electricity. Whole Foods Market promotes less-processed foods that are more environmentally aware, and environmental stewardship is an evolving process. Buyers are increasing their demands on MNCs as they are aware of the effects of eco-friendly practices (Garnaut, 2019, p. 56).

Because of Australia's payment practices, carbonation is avoided in environmentally friendly areas at no cost. The cleanest form of electricity would not contribute to environmental pollution. Energy output accounted for 40% of Australia's pollution in 2008 (Firth, S., 2020). In the past decade, there has been a significant decrease in the number of people who have gone into hiding. Many Australians are capable of tackling oil decarbonisation. Rather than relying on non-recyclable commodities, Australia's population should be decreased to fit the cost (Garnaut, 2019, p. 69). Investors will want to concentrate their efforts on green sectors that provide extremely low-interest rates. Lowering interest rates on green energy projects would be part of maintaining a consistent monetary policy. The Australian government is dedicated to renewable energy through the decarbonisation policy.

Australia's Power Base in Relation to Other Countries

It is a vital target for environmentalists and it is one of eradicating climate change and the usage of fossil fuels (Hamilton, et al., 2018). However, if Australia fails to take steps of its own, the depletion of its fossil fuel sectors will worsen. As a consequence, much of the country's coal and gas are exported. Approximately 70% of this is destined for Asian economies that have reached their saturation point. Accelerating global decarburization is vital for Australia's long-term economic well-being (Garnaut, 2019, p. 68). Because of Australia's environmental friendliness, we will be among the world's leading exporters of electricity (particularly undersea cables), as well as a variety of other goods such as the country's emission-intensive steel, aluminum, and ammonia. The United States is the world's largest metal exporter and manufacturer of processed ore.

A post-carbon future would enable Australia to become a manufacturing hub for mineral-intensive energy supplies (Garnaut, 2019, p. 76). If the necessary international agreement is developed, Australia will be able to significantly increase the number of carbon credits it exports. If the transformation is achieved correctly, Australia would be able to transition from a mining boom to an economic boom. Australia is set to become a competitive source of zero-emissions electricity in Indonesia, Singapore, and potentially the rest of Asia as a result of upgraded infrastructure and cost reductions in high-friendly direct current transmission (Lamb, et al., 2014). There are also export opportunities for hydrogen provided by renewable energy electrolysis or ammonia as a carrier for Asian countries (Seo, et al., 2015).

Transport Energy Consumption in Australia

Since hydrogen is one of the most available elements, it must be removed before it can be used to generate electricity. Hydrogen reforming is a common example. This method emits CO2, which detracts from the utilization of a carbon-free energy source (Garnaut, 2019, p. 80). Another method is to isolate the hydrogen molecule from the oxygen molecule by electrolysis. This current could come from everywhere, although it is more usually provided by natural gas-fired power plants. Because of the difficulties of producing hydrogen, the only carbon-neutral way to generate hydrogen fuel cell energy is by air; nevertheless, hydrogen fuel cells are more expensive (Seo, et al., 2015). To take advantage of the significantly lower labor costs associated with the usage of lead-acid batteries, commodity manufacturing plants can be outfitted with an energy source, like hydrogen.

The Global Competitive Advantage of Australia

The issue of interacting with hydrogen is as hydrogen is liquefied, 40 percent of the available energy is wasted due to compression (Teh, et al., 2017). Flammable gases have a high proclivity to flee. Metals can corrode when exposed to hydrogen. As a result, they are vulnerable to breaking. The costs of constructing the necessary facilities to utilize hydrogen fuel cells are prohibitively expensive. Fuel Cell Performance Disadvantage- Fuel cell production is best when it is at its peak (Garnaut, 2019, p. 83). In service, they have a productivity range of 20-30% to 50%. Lithium batteries have a CE rating of 99 percent, whereas lead-acid batteries usually have a CE rating of 90 percent. Garnaut's suggestions entail putting measures in place and charting a course to become a powerhouse.

• Encouraging private equity investment in long-distance transmission lines, thus improving overall grid capacity (Winter, 2018).
• Fully implementing a public advocate's suggestion that smaller electricity producers utilize the Clean Energy Corporation to procure "firm contracts" at some stage, which the government has acknowledged, but the list prioritizes "peaking power output."
• Dissolving Snowy Hydro into two bodies, one of which is unaffected by the activities of the other. Garnaut applies to the Snowy Hydroelectricity plan. It will ensure continuous power supply and demand control in the system (Garnaut, 2019, p. 92).

Conclusion

Ross Garnaut in his report has attracted the Australian government that we have a large scope as we move into renewable energy and all countries across the world are making their economies more dependent on renewable energy to acquire carbon earnings, so it is a good time for Australia to establish itself as a global superpower in terms of carbon credits and an energy-efficient country in terms of.

References

Adams, P.D., Parmenter, B.R. and Verikios, G., 2014. An emissions trading scheme for Australia: national and regional impacts. Economic Record, 90(290), pp.316-344.

Biswas, W.K., 2014. Carbon footprint and embodied energy consumption assessment of building construction works in Western Australia. International Journal of Sustainable Built Environment, 3(2), pp.179-186.

Clarkson, P.M., Li, Y., Pinnuck, M. and Richardson, G.D., 2015. The valuation relevance of greenhouse gas emissions under the European Union carbon emissions trading scheme. European Accounting Review, 24(3), pp.551-580.

Firth, S., 2020. Australia in international politics: an introduction to Australian foreign policy. Routledge.

Garnaut, R., 2019. Superpower. s.l.:Black Inc.

Hamilton, S.E. and Friess, D.A., 2018. Global carbon stocks and potential emissions due to mangrove deforestation from 2000 to 2012. Nature Climate Change, 8(3), pp.240-244.

Lamb, W.F., Steinberger, J.K., Bows-Larkin, A., Peters, G.P., Roberts, J.T. and Wood, F.R., 2014. Transitions in pathways of human development and carbon emissions. Environmental Research Letters, 9(1), p.014011.

Seo, S., Kim, J., Yum, K.K. and McGregor, J., 2015. Embodied carbon of building products during their supply chains: Case study of aluminium window in Australia. Resources, Conservation and Recycling, 105, pp.160-166.

Teh, S.H., Wiedmann, T., Castel, A. and de Burgh, J., 2017. Hybrid life cycle assessment of greenhouse gas emissions from cement, concrete and geopolymer concrete in Australia. Journal of cleaner production, 152, pp.312-320.

White, R., 2020. Inventing Australia. Routledge.

Winter, B., 2018. Preserving the Social Fabric: Debating Family, Equality and Polity in the UK, the Republic of Ireland and Australia. In Global perspectives on same-sex marriage (pp. 149-170). Palgrave Macmillan, Cham.

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