New climate target aims for 62-70% cut by 2035
Climate Change and Energy Minister Chris Bowen said that climate action is an unprecedented economic opportunity for Australia.
Bowen said, “The greatest economic transformation since the global transition industry revolution to clean energy,” Bowen said.
“If we make the right investments at the right time, we can grow our economy, create good work for the Australians, and today the Albanian government decided to have this opportunity.”
Environment and climate defenders asked the government to commit at least 75 percent emission reduction and declared the minimum requirement for Australia to make a fair share of global warming under the Paris agreement.
Business and industrial groups are divided on the target, some of them in mining and production sectors, the cost of achieving ambitious goals will be very high, and others, such as IKEA and Fortescie, have special warning that the investor calls for ambitious commitments to ensure the trust of clean technology. The goal of the government falls in the middle of these expectations.
The government faces great difficulty in achieving its 2035 target, since most of the emissions should come from a series of sectors in the second half of the decade.
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The majority of emissions will be withdrawn from the electricity industry, where private investment is fueled by Australia’s wind and solar energy.
Tony Wood, senior member of the Independent Grattan Institute, said Australia’s emissions should start to fall much faster than twenty years for the next five years.
“We have to reduce emissions about 17 million tons a year to reach 2030, and reduce them 6 to 10 million tons a year … This is a big step.” He said.
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“For 2035, a 65 percent target will mean that 17 million tons of deduction will be 27 million tons per year and the 75 percent target will be 39 million tons per year. This is really difficult.”
Wood said carbon tax will be the most effective and effective policy to increase country -wide emission cuts.
“It would be easier if we had a single climatic policy across economy, like carbon price, but it was very difficult to do it politically.”
