Australia Says It Is On Track to Meet 2030 Emissions Cut Targets

(Bloomberg) -- Australia’s government said it is on track to meet its emissions cut targets by 2030, despite earlier concerns that the renewable energy rollout across the country wasn’t moving fast enough to meet the legislated goals.

The nation’s emissions are projected to fall 42.6% below 2005 levels by 2030 under the current policy settings, according to estimates from the Department of Climate Change, Energy, Environment and Water provided by the government — far lower than the 32% cuts which were anticipated just two years ago.

For Australia’s overall emissions budget from 2021 to 2030, the government said they are expecting the country to come in 3% beneath its target. Signatories to the Paris Agreement have until February next year to provide a 2035 projection, part of global efforts to boost the ambition of greener-energy goals. Minister for Climate Change and Energy Chris Bowen hasn’t laid out a timeline. 

The country is gearing up for a national election by May 2025 and climate action is likely to be a major point of policy difference between the main parties.

The center-left Labor government has attempted to turn around Australia’s international reputation as a climate action laggard, legislating the nation’s first climate action target of 43% in cuts off 2005 levels by 2030. While the goal brought Australia in line with nations such as Canada and Japan, it was less ambitious than action pledged by the European Union and UK.

Bowen has also aimed to ramp up green investment to boost the rollout of large-scale renewable energy projects across the country.

At the same time, the Liberal-National Coalition opposition have criticized the national energy transition under Labor, saying it is pushing up electricity prices and instead proposing to lift a ban on nuclear energy to reach net zero by 2050.

Australia recently approved the extension of three coal mines, sparking criticism of Prime Minister Anthony Albanese’s administration and its efforts to keep emissions in check.

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