As much as $4 trillion in fossil fuel assets could goe up in smoke by 2050 in the fight against climate change, according to UN experts
As much as $4 trillion in fossil fuel assets could go up in smoke by 2050 in the fight against climate change, according to UN experts

The Australian government has appointed former New South Wales Liberal treasurer Matt Kean to lead the Climate Change Authority, which counsels the administration on emission targets.

Prime Minister Anthony Albanese announced the new appointment at a press conference in the presence of Kean and federal climate change minister, Chris Bowen.

Acknowledging that Kean was from the opposite side of politics, Bowen said, "Carbon dioxide doesn't recognize political parties," The Guardian reported.

Kean had resigned from politics recently after 13 years in state parliament to pursue a career in the climate and energy sector. His vocal support for renewable energy had put him at odd with his party members, who championed Coalition leader Peter Dutton's nuclear energy plan.

"The Climate Change Authority has an important role to play in providing independent advice to the government of the day, based on facts science, evidence, engineering, and economics," Kean said. "We have an opportunity to become a stronger and even more prosperous nation, we have an opportunity to deliver a family some of the cheapest electricity bills anywhere in the world. But we've got to get it right. This is too important to leave to chance. We need policies based on facts and evidence. And that's what I intend to be advising the government."

Kean added the Coalition's nuclear energy plan was too costly and would take a long time to build.

"The latest scientific engineering and economic advice that's looked at these matters that I'm aware of is from the CSIRO and Aemo, and they very clearly say that the cheapest way to transition our electricity system is to move towards renewables backed up by firming, and also storage," Kean said. "That's what the CSIRO says that's what Aemo says. That's the evidence available to us. I'm not aware of anything different."

Albanese said Kean was "uniquely placed" to render the top role in climate authority considering his experience at the state level in the treasury, energy and environment portfolios.

In addition, Kean understood the relevance of transitioning to renewable energy and what it represented for Australia, the prime minister added.

"He understood it as a member of the NSW government ... and he also understands the folly that walking away from the renewables transition represents for our nation," Albanese said.

Kean had earlier quit the Coalition for Conservation, which was set up to promote climate action, saying the group had become "singularly focused on nuclear energy," ABC News reported.

The Climate Change Authority was launched in 2011 to counsel the government on climate policies. Kean's immediate tasks would be tracking the government's progress in achieving the 2030 emission target and advising it on the 2035 goal.

While announcing his retirement, Kean had maintained his commitment to the Liberal party. However, he revealed a bipartisan spirit after he was named for the top climate role.

"I announced I was leaving politics to pursue a career in the private sector but the opportunity to serve as the chair of the Climate Change Authority means I am able to continue providing public service. My role is to bring my expertise and experience to provide independent advice to the government of the day, whoever that should be," Kean said.