The Federal Government has submitted a new 2030 Nationally Determined Contribution (NDC) under the Paris Agreement to increase the national emission reduction target to 43 per cent by 2030.
The Federal Government lodged an updated NDC with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat.
The updated NDC:
- Commits Australia to a more ambitious 2030 target. We will reduce greenhouse gas emissions by 43 per cent 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
The Federal Government said the updated NDC reflects its aims to urgently step up action and work alongside global partners to tackle the climate crisis.
Prime Minister, Anthony Albanese, said Australia must participate in the global effort to deal with the challenge of climate change but also seize the opportunity that is there from acting on climate change.
“When I’ve spoken with international leaders in the last few weeks, they have all welcomed Australia’s changed position,” Mr Albanese said.
“Our changed position of 43 per cent, up by 17 to 15 per cent, from the 26 to 28 per cent target that has remained there since 2015.”
Federal Minister for Climate Change and Energy, Chris Bowen, said at the moment, Australia is facing a very serious and challenging situation in the energy market, what some would describe as a crisis setting.
“That makes this work more important, not less, setting the framework for the future, getting the investment going that has been so lacking, getting the policy framework working together with the states and territories to get the job done,” Mr Bowen said.
New policies to drive transition
The Federal Government will 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
Encouraging renewable investment
Clean Energy Council Chief Executive, Kane Thornton, said that Australia’s new 43 per cent emissions reduction target for 2030 not only gives the green light to renewable energy investors but also sets about righting an embarrassing chapter for the country on the world stage.
“This formal agreement provides clarity and a positive investment signal to accelerate the decarbonisation of Australia and take advantage of the enormous economic opportunity in play,” Mr Thornton said.
“The Clean Energy Council’s last edition of the Clean Energy Outlook – Confidence Index revealed that 79 per cent of investors said an improved 2030 emissions reduction target would increase their confidence for future investment.
“The current crisis in the National Electricity Market has clearly illustrated the perils of dragging our feet on energy policy.
“Our ageing coal-fired power fleet and transmission network is not fit for purpose and are now failing Australian businesses and households.
“A 21st century economy needs a modern electricity network that supports reliability, security and lower emissions technologies, and delivers low-cost energy to consumers. Today gets us closer to that goal.”