Recent speculation suggests the BP Deepwater Horizon disaster could provide a big boost to clean energy and encourage a shift away from the oil economy.

But even if it does, what does it matter to us here in Australia anyway?

Certainly, President Obama sees it that way and earlier this month he noted the risks associated with technologically challenging domestic oil extraction – risks to the US economy as much as to the environment – and called for comprehensive clean energy legislation. However, the moratorium imposed by the US President on deep water oil exploration was quickly lifted by the courts following industry representations. As such, at very best, the Gulf disaster is just one ingredient in the clean energy pie.

Energy security is a far more significant ingredient. In Europe, for example, the question is being asked: “Can we trust Turkey?” The reason is that Turkey is rapidly becoming a major energy hub, with pipelines transporting Russian gas and oil from Azerbaijan and Kazakhstan criss-crossing the country. Turkey is also thinking nuclear and its first project is supported by Russian know-how.

So what does it all matter to Australia then? We are as deeply embroiled in the global oil and gas economy as anywhere so energy security is as important here as elsewhere. If our politicians – and the big business supporters of the oil and gas economy – continue to act as if this isn’t the case, are they addressing the long-term political and economic interests of Australia and its people?

Let’s take the economic argument. Clean energy is getting cheaper and more technologies are becoming commercially viable. Given time and investment, clean energy will become as economically viable as fossil fuels. More rapdly if the latter are costed so as to properly reflect their environmental and security risks.

As for the political will, last week the enhanced Renewable Energy Target passed through parliament supported by both sides of politics. Of note was the reported comment by the Clean Energy Council’s Matthew Warren that the RET reforms would unlock $20bn of investments in major generation projects. “It is rewarding to see all sides of politics come together to deliver and enhance these important reforms that will underpin the creation of a world-class Australian clean energy industry this century,” he said, adding: “This completes a first important step forward in decarbonising energy in Australia. It’s now important for the industry get on with the job.”