An initial assessment by the Albanese government’s climate advisory body has shown that Australia could meet an “ambitious” target to cut national greenhouse gases by at least 65% and up to 75% by 2035.
The Climate Change Authority has also been commissioned to advise the government on a 2035 target and plans to cut emissions from electricity and energy, transport, industry and waste, agriculture and land, resources and buildings.
In a consultation paper released this Thursday, the authority nominated a 65-75% cut compared with 2005 levels based on an initial assessment of scientific, economic, technological and social evidence. Brad Archer, the chief executive was quoted as saying that this target range “would be ambitious and could be achievable if additional action is taken by governments, business, investors and households”.
Labor is expected to announce its 2035 target before the next election. Some experts have questioned whether the country will meet its legislated 2030 target – a 43% cut – after a slowdown in the rollout of large-scale renewable energy, though government projections have suggested it is possible.
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The authority’s preliminary proposal broadly lines up with an agreement reached at the Cop28 climate summit in Dubai, which recognised that limiting heating to 1.5C required “deep, rapid and sustained” cuts equivalent to a 67% global reduction by 2035 compared with 2005 levels.
Developed countries that have already emitted more than their “fair share” of carbon pollution, such as Australia, are likely to face calls to make deeper cuts to help reach this goal.
The Investor Group on Climate Change, representing members with more than $35tn in assets under management, endorsed the authority’s proposed range. The group’s policy director, Erwin Jackson, said it was “very positive” that the authority was “focused on a 2035 target that is aligned with limiting warming to 1.5C and also with the highest possible level of ambition”.
“Investors globally will be looking closely at Australia’s target to see that it is serious about achieving what it has said it wants to achieve, which is to align with 1.5C,” Jackson said. “Investors are looking to all governments to commit to targets along these lines because a volatile climate means a volatile economy.”
Story was adapted from the Guardian.
