RBA needs to ‘regenerate’ the economy from oil-shock inflation, not destroy it
The Reserve Bank should use Gross Domestic Regeneration to distinguish imported oil shocks from domestic inflation – and avoid compounding the damage.
Peter Newman is Professor of Sustainability at Curtin University, and has been part of IPCC for the past 15 years. His new book Net Zero Cities with Sustainability: A Practitioner’s Approach, is from Edward Elgar.
The Reserve Bank should use Gross Domestic Regeneration to distinguish imported oil shocks from domestic inflation – and avoid compounding the damage.
The global evidence shows electrification is no longer a distant or marginal pathway. The deployment of solar and batteries now represents the fastest energy shift in human history. This is not simply an emissions story; it is a manufacturing, learning-curve and capital-allocation story in which each deployment builds supply-chain capability and contributes to lower costs.
The first oil crises in 1973 and 1979 set in place some rapid oil policy changes but now the last two crises in the 2000’s are showing that these short-term approaches are no longer relevant. We need a better plan.
There is much cause for hope on Net Zero. There is enough happening as we go over the waterfall to see a better future now emerging.
