Australia sets 2035 emissions target at 62-70% below 2005 levels

The Albanese government on Thursday set Australia’s 2035 emissions reduction target at a cut of 62 to 70 percent below 2005 levels, unveiling the goal alongside a net zero plan, sector blueprints and a multibillion dollar package of measures to drive decarbonisation and adaptation. Climate Change and Energy Minister Chris Bowen described the target as “ambitious and achievable” and said it represents the maximum level of ambition advisers judged feasible, while Prime Minister Anthony Albanese framed the move as necessary for Australia’s economy, international standing and climate security.

The target will form Australia’s updated nationally determined contribution under the Paris Agreement, to be submitted ahead of the UN climate summit cycle. The government also announced a package of finance aimed at industry and the energy transition, including a Net Zero Fund of about A5 billion and a A2 billion boost for the Clean Energy Finance Corporation, and set aside A9 billion for climate adaptation measures through 2030, officials said. Accompanying documents include sector plans for energy, transport, buildings, resources, agriculture and industry, and an outline of planned reforms...