Australia set its much-anticipated greenhouse gas (GHG) emissions reduction target for 2035 on 18 September, aiming to cut emissions by 62-70pc from 2005 levels.
The emissions target takes the mid-point of a preliminary indication of 65-75pc from the country's Climate Change Authority (CCA) in 2024.
The target, which is part of Australia's next Nationally Determined Contribution (NDC) to be submitted to the UN under the Paris Agreement, means the country will need to add at least 19 percentage points to the legislated 43pc reduction target for 2030.
The latest projections from the Labor federal government indicate the 2030 emissions target as within reach.
But there have been challenges to achieving the key 82pc renewable electricity target for 2030, Australia's climate change and energy minister Chris Bowen indicated, when announcing a boost to auctions under the Capacity Investment Scheme (CIS).
Plans
The CCA's final independent advice to the government, also released on 18 September, was for the 62-70pc reduction, with the range reflecting "uncertainties at a national and international level", the statutory body said.
Around half of the 2035 emissions reductions would be achieved through more renewable electricity generation backed by storage, according to the CCA advice.
This would be followed by electrification and improved efficiency of transport and buildings, accounting for a further 11-14pc of the required emissions reductions, with the effects of the New Vehicle Efficiency Standard that came into force in 2025 contributing a large portion.
Another 6pc of the required emissions cuts could be achieved by scaling up land-sector carbon removals through the Australian Carbon Credit Unit (ACCU) scheme, with measures such as stopping old-growth clearing, reducing native forest harvesting and planting new forests.
Most of the remaining reductions would come from ongoing efficiency and emissions intensity improvements across industry, mining and agriculture, which could be achieved through the federal compliance carbon market's safeguard mechanism, as well as investments in low-carbon liquid fuels, hydrogen and other technologies.
Extending the current 4.9 pc/yr baseline decline rate faced by facilities under the safeguard mechanism until 2035, from 2030, could reduce emissions from industry and resources by almost a third, the CCA said.
Other initiatives
The government announced a new A$5bn ($3.33bn) Net Zero Fund within the A$15bn National Reconstruction Fund (NRF) on 18 September, supporting manufacturing of renewables and deployment of low emissions technologies.
This comes one day after it earmarked A$1.1bn to support biofuels and e-fuels under a 10-year incentive programme. It previously announced a further A$2bn to the federal agency the Clean Energy Finance Corporation for renewable energy projects.
The government also released its Net Zero Plan, along with six sectoral decarbonisation plans across electricity and energy, industry, resources, agriculture and land, transport and infrastructure, and built environment.
