Sep 22, 2025 (MarketLine via COMTEX) --
The Australian government defines the update as an achievable target.
The Australian government has announced a step towards addressing climate change by setting a 2035 target of reducing emissions by 62% to 70% below 2005.A
This move comes following independent advice from the Climate Change Authority.A
The government defines this range as an achievable target, and that it would send the right investment signal.A
The target aims to be achieved through five priority areas that build on existing policies. These comprise expanding clean electricity, lowering emissions by electrification and efficiency, expanding clean fuel, accelerating new technology, and scaling up net carbon removals.A
To support these efforts, the government has introduced several funding initiatives.AA
These include the establishment of a A$5bn ($3.30bn) Net Zero Fund within the National Reconstruction Fund, aimed at assisting industrial facilities in decarbonising and increasing the adoption of renewable and low-emission manufacturing.
Additionally, the government will allocate A$2bn to the Clean Energy Finance Corporation to help reduce electricity prices, alongside A$1.1bn to boost the production of clean fuels in Australia.A
Further investments include A$40m to expedite the installation of kerbside and fast electric vehicle charging stations across suburbs and regions, A$85m for resources that will help households and businesses enhance their energy performance, and A$50m dedicated to supporting sports clubs in their efforts to decarbonise.
Australia has encountered international criticism for its ongoing dependence on fossil fuels and had previously committed to cutting its greenhouse gas emissions by 43% by 2030.A
When unveiling the new target, Prime Minister Anthony Albanese said: "This is a responsible target supported by science and a practical plan to get there, built on proven technology."AA
Australia, similar to many regions globally, has experienced a rise in climate-related weather extremes in recent years.
These include severe droughts, bushfires, and consecutive years of record-breaking floods. Additionally, rising sea temperatures have led to widespread coral bleaching at the Great Barrier Reef in Queensland and Ningaloo Reef in Western Australia, reported the British Broadcasting Corporation.A
The 2035 emissions target has sparked significant criticism from environmentalists. Australia ranks among the highest per capita polluters globally, primarily due to its resource industry, which heavily relies on coal and natural gas extraction, reported Reuters.AA
This target is reported to be notably lower than the 65%-75% range modelled by the domestic treasury department and initially recommended by the Climate Change Authority.A
During a news conference, Australia's Minister for Climate Change and Energy Chris Bowen stated that the lower target represents a more realistically attainable goal.AA
However, World Wide Fund for Nature-Australia CEO Dermot OaEUR(TM)Gorman was quoted by Reuters as saying that the target was "dangerously short of what the science demands."AA
Greenpeace Australia head of Pacific Shiva Gounden added: "The Albanese government's new climate plan is an affront to communities across the Pacific and Australia facing the escalating impacts of dangerous climate change."A
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