Australia’s new government has formally committed to a more ambitious greenhouse gas reduction target of 43% by the end of the decade in to achieve the ambitious election target.
Australia’s Paris Agreement commitment will now be to reduce emissions by 43 per cent by 2030, and to net zero emissions by 2050.
Prime Minister Anthony Albanese said the new target was an “opportunity to reach for solutions, not arguments. An opportunity to provide the certainty going forward so we get that investment”.
The Australian Government has lodged an updated Nationally Determined Contribution (NDC) with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.
The updated NDC:
- commits Australia to a more ambitious 2030 target under which the country will reduce greenhouse gas emissions by 43% below 2005 levels by 2030, which is a 15 percentage point increase on Australia’s previous 2030 target
- reaffirms Australia’s commitment to net zero emissions by 2050
- commits the government to providing an annual statement to parliament on progress towards these targets
- restores Australia’s Climate Change Authority as a source of independent policy advice.
Australian government will also implement new policies across the economy to drive the transition to net zero. These policies will:
- build on existing emissions reduction programs
- give Australian industry a comprehensive and consistent policy framework
- encourage Australian households, businesses and communities to embrace the opportunities presented by the transition to net zero.
Australia has also reaffirmed its target to achieve net zero emissions by 2050. The Australian Government is implementing a rigorous set of new policies to spur the transition to net zero. These policies include:
– A $20 billion investment in Australia’s electricity grid to unlock greater penetration of renewable energy and accelerate decarbonization of the grid.
– Complemented by an additional $300 million to deliver community batteries and solar banks across Australia.
– Investment of up to $3 billion to support renewables manufacturing and the deployment of low emissions technologies.
– Reduce emissions and accelerate the uptake of electric vehicles under Australia’s first National Electric Vehicle Strategy.
