Less than a week after a new study warned Australia needs to brace for a rising impact of climate change across the country  its Prime Minister has set out its climate targets for the next decade.

Australia’s next step in acting on climate change and seizing the economic opportunity before our nation.

Anthony Albanese said has government had accepted the Climate Change Authority’s independent advice and will set its2035 climate change target at a range of 62% to 70% reduction on 2005 emissions.

“This is an ambitious but achievable target – sending the right investment signal, responding to the science and delivered with a practical plan,” he said. “It builds on what we know are the lowest cost actions we can deliver over the next decade while leaving room for new technologies to take things up a gear.”

The announcement added according to the best available analysis the majority of the reductions for Australia to reach the initial stages of our 2035 climate change target range can be achieved through actions in five priority areas, building on our existing policies. These are:

• Clean electricity across the economy: more renewable electricity generation, supported by new transmission and storage (including household batteries)
• Lowering emissions by electrification and efficiency: our New Vehicle Efficiency Standard, supporting consumers switch to EVs and improving energy efficiency.
• Expanding clean fuel use: establishing a low carbon liquid fuels industry and supporting green hydrogen
• Accelerating new technologies: through Future Made in Australia investments, and innovation support through ARENA.
• Net carbon removals scaled up: enabling land holders to earn money for eligible carbon storage and a robust ACCU scheme.

In addition to help meet the target, the Albanese announced his government will deliver:

• A new $5 billion Net Zero Fund in the National Reconstruction Fund, to help industrial facilities decarbonise and scale up more renewables and low emissions manufacturing.
• $2 billion for the Clean Energy Finance Corporation to continue to drive downwards pressure on electricity prices.
• $1.1 billion to encourage more production of Clean Fuels here in Australia.
• $40 million to accelerate the roll out of kerbside and fast EV charging across our suburbs and regions.
• $85 million for frameworks and tools to help households and businesses understand and improve their energy performance.
• $50 million for sports clubs doing their bit to decarbonise and drive climate action.

“The global shift to clean energy represents one of the biggest economic transformations since the Industrial Revolution – and it presents Australia with an enormous economic and jobs opportunity,” added Albanese.

He continued that Australia is not alone in acting on climate change, with around 80% of global GDP covered by national net zero commitments.

“Global investment in clean energy projects is set to rise over $2 trillion, we want to grow this, and Australia’s share in it,” explained Albanese. “This is the right target to protect our environment and secure our prosperity and to create jobs and economic growth for our nation.

“The Government’s sensible, practical approach means our exporters, farmers and key industries will be able to compete and succeed in the world and our environment will be safe for future generations.

“Vitally, this target range balances what the Commonwealth can achieve with existing policies and technologies, and what the country could achieve with a whole-of-economy and whole-of-society effort. A range enables greater ambition, recognising how quickly technology can change and the potential for even greater emissions reduction in the next decade.

“We know every effort to tackle emissions today will help avoid the worst impacts of climate change in the future”.

The announced range will see Australia halve its emissions compared to current levels.

“We are not the biggest polluter or the biggest economy but our commitment to action on climate change matters,” Albanese concluded. “It matters to our neighbours, it matters for our economy and it matters for the country that we pass on to our children.”