The Australian government has announced a new climate target, aiming to reduce greenhouse gas emissions by 62% to 70% by 2035, based on 2005 levels. This ambitious goal will form Australia’s new Nationally Determined Contribution (NDC) under the Paris Agreement. NDCs are national climate action plans submitted by each country under the agreement, which are required to be updated every five years with increasingly higher ambition. Australia’s current NDC aims for a 43% reduction in greenhouse gas emissions by 2030.
In conjunction with this target, Australia has unveiled plans for over $8 billion in climate-related investments. These investments will focus on areas such as industrial decarbonisation, clean electricity, low-carbon fuels, and electric vehicle (EV) charging infrastructure.
The government has also released a Net Zero Plan outlining its strategy to achieve the 2035 goal and the 2050 net zero target. This plan includes six sector-specific emissions reduction plans, covering Electricity and Energy, Agriculture and Land, Built Environment, Industry, Resources, and Transport. Key priorities include increasing clean electricity through renewable energy generation, enhancing electrification and efficiency, expanding clean fuel usage, and investing in new technologies.
Carbon removal is highlighted as a priority to balance residual emissions, with land-based approaches such as reforestation identified as the most cost-effective method.
The new investments include the establishment of a $5 billion Net Zero Fund to aid industrial decarbonisation and scale up renewable energy and low-emissions manufacturing, $2 billion for the Clean Energy Finance Corporation, and $1.1 billion for clean fuels production. Additional investments will target the acceleration of fast EV charging, improving household energy performance, and supporting decarbonisation efforts by sports clubs.
Prime Minister Anthony Albanese, in a press conference announcing the new target, stated: “This is a responsible target, backed by the science, backed by a practical plan to get there and built on proven technology. It’s the right target to protect our environment, to protect and advance our economy and jobs, and to ensure that we act in our national interest and in the interest of this and future generations.”
For further details, access [Australia’s Net Zero Plan and sector plans](https://www.dcceew.gov.au/about/news/setting-2035-target-path-net-zero).
