Australia's 2035 Emissions Target: A "Make or Break" Moment for the Nation's Climate Future

Strategic Insights -

The United Nations Framework Convention on Climate Change executive secretary, Simon Stiell, has emphasized the importance of Australia's 2035 emissions target, describing it as the country's "one shot" to create jobs, ensure economic security, and build influence in the Asian clean tech boom. The decision, due by September, will be influenced by advice from the Climate Change Authority and lobbying from industry and climate-focused organizations. Stiell's comments come as the government weighs options, including a target of at least 65% and up to 75% reduction in emissions by 2035 compared to 2005 levels.

Key Takeaways:

  • The UN's climate chief has described Australia's 2035 emissions target as the country's "one shot" to build an "on-ramp to the Asian clean tech boom" and create hundreds of thousands of jobs.
  • The Climate Change Authority has suggested a target of at least 65% and up to 75% reduction in emissions by 2035 compared to 2005 levels as ambitious but achievable.
  • Industry lobbyists are pushing for different targets, with some arguing for a minimum 75% reduction and others suggesting little more than the legislated 2030 goal of a 43% cut.
  • Australia could lose $6.8tn in GDP by 2050 and living standards could fall by more than $7,000 per person a year if climate change is not addressed.
  • The global clean energy race is underway, with trillions of dollars at stake, and China and India are investing in renewables at a record level.
  • An ambitious target in Australia could anchor future industries, such as green hydrogen and clean metals, and create good jobs paying good wages.
  • The UN's Simon Stiell is urging the government not to "settle for what's easy" and to go for an ambitious, all-economy plan with public backing and political backbone.

Statistics:

  • $4bn: The amount of money that climate disasters are already costing Australian homeowners each year.
  • $6.8tn: The amount of GDP that Australia could lose by 2050 if climate change is not addressed.
  • $7,000: The amount that living standards could fall by per person a year if climate change is not addressed.
  • 65-75%: The reduction in emissions by 2035 compared to 2005 levels that the Climate Change Authority has suggested as ambitious but achievable.
  • 43%: The legislated target for emissions reduction by 2030.
  • 2050: The year by which Australia is expected to reach net-zero emissions under the current government's climate plan.
  • 2035: The year by which Australia's new emissions target is due to be set.

Sources:

  • The Guardian
  • The United Nations Framework Convention on Climate Change
  • The Climate Change Authority
  • The Climate Council
  • The Australian Council of Social Service
  • The Australian Academy of Technological Sciences and Engineering
  • Fortescue
  • Smart Energy Council