- New decarbonisation policies will help Australia achieve emissions reduction targets.
- The new model includes a variety of programs announced by the government to cut emissions.
Due to new decarbonisation policies, Australian Energy Minister Chris Bowen said Australia is within “striking distance” of its United Nations emissions reduction goals. The new government model released today projects that emissions will fall 42% below 2005 levels by 2030 versus the 40% reduction forecast last year.
Bowen stated that the progress puts Australia in an excellent position to achieve its 43% goal by 2030, an increase from the previous conservative government’s policy of 26% to 28%. The model includes a variety of programs announced by the government to cut emissions, including a plan to underwrite 32 gigawatts of new wind, solar and battery deployment.
The energy minister further said Australia backs a plan to triple global renewable energy. Australia will also push all major economies to provide cash for a global climate damage fund, “not a list set in 1992,” This is a model, a reference to calls for countries, including China and the United Arab Emirates, to contribute. Speaking about the emissions reduction plans, Bowen said the government would introduce fuel efficiency standards for light vehicles. Australia and Russia are the only advanced economies without fuel efficiency standards.