The Australian Government has announced an ambitious new target to reduce emissions by 62–70% below 2005 levels by 2035, a significant step up from the previous 2030 target. This goal, informed by the independent advice of the Climate Change Authority, is a key milestone on Australia's path to achieving net-zero emissions by 2050. The government's decision is driven by the understanding that acting on climate change will not only mitigate risks but also unlock substantial economic opportunities in the global clean energy transition.

The new target is supported by the comprehensive Net Zero Plan, which outlines how the nation will achieve a fair, orderly, and efficient transition. The plan identifies five key priorities for decarbonisation: expanding clean electricity, lowering emissions through electrification and efficiency, increasing the use of clean fuels, accelerating new technologies, and scaling up net carbon removals. It also includes sector-specific roadmaps for key areas of the economy, such as electricity and energy, agriculture, industry, resources, and transport.

Economic modelling by the Treasury shows that an orderly transition to net zero will support economic growth, higher wages, and new jobs, while a disorderly approach would lead to higher costs and missed opportunities. The plan highlights Australia’s natural advantages, such as abundant solar and wind resources and the minerals needed for clean energy technologies, as crucial to its success.

This new climate policy framework aims to provide certainty for businesses and investors, encouraging them to invest in Australian jobs and industries that will thrive in a net-zero world. It reinforces Australia's commitment to global climate action and its contribution to limiting global warming, while ensuring the nation remains competitive and prosperous in a rapidly changing global economy.

For more details, you can access the full content by clicking the button below.