The Albanese government has set an emissions reduction target of 62-70 per cent on 2005 levels by 2035.
The highly-anticipated announcement comes as an upgrade to the existing emissions reduction target of 43 per cent by 2030.
Prime Minister Anthony Albanese unveiled the new target range on Thursday, alongside Treasurer Jim Chalmers and Climate Change Minister Chris Bowen. It has already been signed off by the cabinet.
It comes ahead of the next UN climate conference, COP30, due to be held in Brazil. Countries that have signed onto the Paris Agreement must submit their 2035 target by the end of October.
The Paris Agreement aims to limit global temperature rises to 1.5C and less than 2C.
Alongside the emissions reduction target of 62-70 per cent, the Albanese government announced a new $5 billion ‘net zero fund’ to help mining and heavy industry to reduce emissions, and more funding to improve infrastructure for electric vehicles.
The target range comes after the government received advice from the Climate Change Authority.
“We think we have a sweet spot that will be criticism from some who say it is too high some who will say it is too low. What we have done is accept the Climate Change Authority’s advice and, importantly, this is world’s best practice,” Albanese said today.
“It is the right target to protect our environment, to protect and advance our economy and jobs and to ensure that we act in our national interest and in the interest of this and future generations.”
In a statement released today, the Climate Council said the top end of the emissions reduction target range – 70 per cent – is closer to what is necessary to protect Australians from climate harm, however the lower end – 62 per cent – falls “dangerously short”.
Environmental groups have largely said that the target range does not go far enough. Greenpeace Australia Pacific said it was “weak”.
“The Albanese government’s new climate plan is an affront to communities across the Pacific and Australia facing the escalating impacts of dangerous climate change,” said Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific.
Meanwhile, Opposition Leader Sussan Ley, who is dealing with internal party pressure over net zero, told the ABC today she is “deeply sceptical” about what the government was due to announce today.
“Australia does need to play its part, and I don’t step away from that, but statements and objectives and targets need to be backed in with clear demonstrations by this government of what the cost will be and whether, in fact, they’re achievable,” she said.
The announcement from the government follows its National Climate Risk Assessment, released earlier this week.