TRANSCRIPT
Australia has finally announced it's long awaited 2035 emissions reduction target.
"Today I announce that we have accepted their advice (from the Climate Change Authority) that Australia's 2035 emissions reduction target be 62 to 70 per cent."
Earlier in the month, the Climate Change Authority recommended the government set a target of between 65 and 75 per cent - compared to 2005 levels.
Announcing just how much Australia is willing to contribute to global emissions reductions, Prime Minister Anthony Albanese says he has considered the advice of experts.
"Our plan for the next 10 years builds on the foundations that we have laid over the last three. Overwhelmingly, the three areas where we need to reduce most of our emissions come from electricity, transport and industry. On electricity, we will continue to support clean energy with renewables - backed by gas and battery storage. In 2022, we inherited a national energy grid that had been run into the ground."
Environmental groups are calling the target too low.
On the other hand, some industry and business groups are saying it's too high.
But first, what exactly is the emissions reduction target?
Emeritus Professor Mark Howden has worked for 36 years on climate change policy.
That has included contributions to the UN's expert panel on climate change, the I-P-C-C; and ten years as founding director at the Institute for Climate, Energy and Disaster Solutions at The Australian National University.
He explains what this new target means.
"So an emission reduction goal is a comparison of our emissions in the future with those back in 2005. And it matters because under the Paris Agreement that we've signed, we committed to keeping temperatures down below two degrees. And if possible, close to one-and-a half degrees above pre-industrial (emission levels). And the only way we can do that is by really ambitious emission reductions."
So far - the federal government says emissions have been reduced by 29 per cent from 2005 levels.
As it aims for a 2050 target of net zero emissions, Australia's interim targets are: a 43 per cent cut by 2030 and a 62 to 70 per cent cut by 2035.
The Paris Agreement, adopted by Australia and 195 others in 2015, aims to limit global warming to 1.5 degrees - and at the most, below 2 degrees.
As a signatory, Australia is obligated to increase reduction targets every five years; and is not allowed to weaken them.
Calling the target weak, Greens leader Larissa Waters says this target is dangerously low.
"Look, a range of 62 per cent to 70 per cent means 62 per cent. The only reason they've put a range in place is so that they can hit the lowest end of the range and then claim to be heroes. Well, this target is so appallingly low, it will not keep us safe."
The government has also released what they've called the Net Zero Plan, outlining the steps to achieve the new target.
The commitments include: $2 billion for the Clean Energy Finance Corporation, a $5 billion net zero fund within the national reconstruction fund, and $1.1 billion for the production of clean fuels.
Climate Change and Energy Minister Chris Bowen says these are just a few of the steps they'll be taking.
"So all these investments are important, as well as new investments in energy performance and energy efficiency. We'll create, for the first time, a statement of demand opportunities. We have an energy statement of opportunities, a gas statement of opportunities. We'll ask AEMO [Australian Energy Market Operator] to prepare a demand statement of opportunities. And we'll expand NatHERS and NABERS (energy rating systems). The tools which enable households and businesses to test the energy efficiency of their premises and make sure they are getting value for money and are driving energy efficiency as much as possible. All this together amounts to a serious, credible, robust plan."
But Larissa Waters says the allocated funding is nowhere near what's needed.
"Look the Net Zero plan, and the dollars associated with it, are less than this government gives to coal and gas companies every single year in fossil fuel subsidies."
The Coalition meanwhile remains deeply divided over their climate policy, with frontbencher Andrew Hastie threatening to quit if a net zero emissions policy is not dropped.
Opposition leader Sussan Ley says she is evaluating the target on the metrics of cost and credibility.
"It fails on both counts. It can't be believed because the government assumes that the 2030 target is in fact met. When clearly it will not be. The credibility is in tatters. In addition to that, there is nothing in this announcement that demonstrates to Australians how much it will cost. And that's not reasonable for households, for businesses, for the hardworking manufacturers in this country who want answers and are seeing their electricity bills skyrocket."
Days before the announcement, Australia's first climate risk assessment was released.
The National Climate Risk Assessment revealed 63 nationally significant climate risks, including rising sea levels and heatwaves, impacting 1.5 million Australians by 2050.
It lays out a catastrophic vision for the future, if serious action is not taken to address climate change in the coming years.
While critics of stronger climate action flag cost concerns, Professor Howden says the cost of inaction is far greater.
"Well, I think what the risk assessment showed is that climate change is a real problem for Australia. The cost will be born right across sectors pretty much by every Australian, and whether it's through insurance or through direct impacts of climate change or through increased payments because of disaster risk payments that may increase by up to seven times. So climate change is going to cost Australia dearly. And when we look at the economics, reducing our emissions is far cheaper if we do it sensibly than putting up with climate change. And so economically, the best thing we can do is actually reduce our emissions and encourage other countries to take their own emission reduction activity proportionately."
He says claims that renewables are pushing up energy prices, are not based in reality.
"Well, there's lots of stories which just don't match up with reality. So for example, there's a story coming from some sources that our electricity prices are some of the world's highest because of our renewables. And in fact, our renewables in Australia have pushed down prices what they would have otherwise been. And so to the tune of eight to 22% is a recent analysis. So renewables are making our electricity cheaper, not more expensive."
