Australia’s 2050 Net Zero Plan
The Federal Government has released its Net Zero Plan, pledging to cut emissions by 62 to 70% on 2005 levels by 2025, with the goal to reach net zero by 2050. This is an increase from the target set in 2022 of 43% below 2005 levels. The new 2035 target is informed by independent expert advice from the Climate Change Authority and CSIRO, and taking into account economic and national interests.
Six sector–specific plans and five decarbonisation priorities help map the pathway towards achieving the 2035 target. An $8 billion funding package alongside previously committed $63 billion will drive implementation, including:
- establishing a $5 billion Net Zero Fund within the National Reconstruction Fund to support major investments by large industrial facilities in decarbonisation and energy efficiency, and to scale up manufacturing low emissions technologies
- allocating $1 billion to help heavy industry and large regional facilities reduce emissions from gas processes, electrify industrial processes and invest in energy storage
- investing $1.1 billion in low carbon liquid fuel production in Australia
Whilst the government acknowledges that the target is ambitious, it believes it is achievable through a framework of five decarbonisation priorities:
- clean electricity across the economy
- lowering emissions by electrification and efficiency
- expanding clean fuel use
- accelerating new technologies
- net carbon removals scaled up
Further legislative streamlining is expected.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
