Australia Commits to 43% Emissions Reduction by 2030

The Australia has committed to more ambitious action on climate change, pledging to reduce greenhouse gas emissions by 43% below 2005 levels by 2030, according to the Ministry of Climate Change and Energy.

The new goal, almost double the previous target of 28% set in 2015, puts the country on track to achieve net zero emissions by 2050, said ministry officials. Legislators plan to write the goals into law, providing certainty for the country’s industry and investors.

Australia Prime Minister Anthony Albanese and Minister for Climate Change and Energy, Chris Bowen conveyed Australia’s updated Nationally Determined Contribution (NDC) under the Paris Agreement to the Executive Secretary of the United Nations Framework Convention on Climate Change.

The government’s plan is expected to create more than 604,000 jobs and spur $76 billion of investment, according to officials.

The nation’s nearly $24 billion investment in climate change policies includes the country’s first National Electric Vehicle Strategy to reduce emissions and accelerate the uptake of electric vehicle, and $500 million in funding for electric vehicle charging and hydrogen refueling infrastructure.