The Albanese Government has locked in Australia’s next climate milestone, setting a 2035 emissions reduction target of 62–70% below 2005 levels, in line with independent advice from the Climate Change Authority.
Prime Minister Anthony Albanese said in a statement the goal is both “ambitious but achievable”, designed to drive investment, respond to the science and prepare Australia for the global clean energy transition.
The Government’s new plan identifies five priority areas for cutting emissions: expanding renewable electricity, boosting energy efficiency and electrification, scaling up clean fuels like green hydrogen, backing new technologies through the “Future Made in Australia” agenda, and increasing carbon removals via land management schemes.
To deliver on the target, a funding package worth more than $8 billion has been announced, including:
- $5 billion Net Zero Fund to help industries decarbonise and grow clean manufacturing
- $2 billion for the Clean Energy Finance Corporation to cut power costs
- $1.1 billion to boost local clean fuel production
- $40 million to accelerate EV charging infrastructure
- $85 million to support households and businesses improve energy use
- $50 million for community sports clubs to go green
Treasury modelling released alongside the Net Zero Plan forecasts that a steady transition to net zero will support more jobs, higher wages and a stronger economy, with global clean energy investment set to exceed USD $2 trillion.
Climate Change and Energy Minister Chris Bowen said the target would halve emissions from current levels, align Australia with global efforts to limit dangerous warming, and secure future prosperity:
“This is the right target to protect our environment, grow jobs and keep Australia competitive.”
Australia’s updated commitment will be lodged as its Nationally Determined Contribution under the Paris Agreement, signalling to international partners that the country is ready for large-scale investment in clean energy.
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