Climate targets getting on track: Bowen

Follow us on Google News:

Climate Change Minister Chris Bowen has vowed Australia's emissions reduction measures are back on track.

In the first of what will be annual climate change statements, Mr Bowen said emissions reduction projections had increased in the six months since the Albanese government came into office.

Emissions are projected to drop by 40 per cent by 2030.

While the government has adopted an emissions reduction target of 43 per cent by the end of the decade, Mr Bowen said the current estimate was already well above that of the former coalition government.

"The previous government left their projected emissions reductions by 2030 at only 30 per cent," he told parliament on Thursday.

"We've lifted the outlook by a third in just our first six moths. Policies we received a mandate for, and are working on implementing, will lift our result to at least 43 per cent."

The statement on climate change delivered each year to parliament was part of the government's recent legislation on emissions reduction, which locked in the 43 per cent target and net-zero emissions by 2050.

Advice from the Climate Change Authority said the country would need a decarbonisation rate of at least 17 million tonnes per year, or an increase of 40 per cent, to meet climate targets.

Mr Bowen said it was imperative to act on reducing emission levels even further, given the levels of natural disasters experienced.

"Australia is highly vulnerable to the impacts of climate change, including bushfires and floods, so the stakes are extremely high," he said.

"Not acting would be an unforgivable act of intergenerational negligence."

The statement follows federal budget predictions electricity prices would rise by more than 50 per cent in the next two years, while gas would rise by more than 40 per cent.

Mr Bowen said he would discuss a capacity investment mechanism with state and territory counterparts in coming weeks in a bid to reduce power prices.

"Renewable energy alone won't meet our emission reduction targets. We need a whole of economy response," he said.

"Industrial emitters are projected to overtake electricity generators as Australia's leading source of emissions."

Mr Bowen also used the speech to urge a greater take up from the business sector in meeting the challenge of emissions reduction.

"While the technology exists to meet our 2030 targets, there are significant labour market and supply chain challenges, as every country around the world strives to meet their targets," he said.

"Business as usual can't be the usual business anymore. Businesses must step up and deliver on their commitments during this critical decade for climate action."

The statement comes a day after Mr Bowen introduced to parliament laws to reward industrial facilities that stay below their emissions baselines and give other facilities a new way of reducing net emissions.

The Safeguard Mechanism (Crediting) Amendment Bill 2022 will enable large industrial facilities to earn credits when they reduce their emissions below their baselines.

About 215 facilities that produce more than 100,000 tonnes of greenhouse gases a year are included in the safeguard mechanism and accounted for 28 per cent of Australia's total emissions in 2020/21.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK