Annual emissions will fall 42.6 per cent below 2005 levels over the next six years, according to the Annual Climate Change Statement presented to parliament last week.
Minister for Climate Change & Energy, Chris Bowen, said in 2021, emissions were expected to fall just 30 per cent below 2005 levels in 2030.
“We are almost at that point now, in 2024. We are now outperforming previous projections for Australia’s legislated 10-year total emissions budget,” he said.
“Today, we expect to be three per cent under budget, meaning Australia will have emitted about 152 million tonnes less than budgeted for this decade – cutting the equivalent of an entire year of electricity sector emissions.”
Bowen said 2024 set an all-time record for renewables.
Data released by the Clean Energy Regulator shows up to 7.5GW of renewable capacity will have been connected to the grid this year.
At the same time the government passed legislation to establish the Net Zero Economy Authority. “And our $22.7 billion commitment to a Future Made in Australia will help Australia unlock private investment at scale in net zero industries including renewable hydrogen, local battery and solar panel manufacturing, green metals processing and low carbon liquid fuels,” Bowen said.
“This will support long-term, well-paid jobs to more than two million workers across the economy in everything from trades, to engineering, educators and other professionals.
“The notion that nuclear energy in Australia is a serious solution to decarbonise by 2050, is a dangerous furphy.”
Responding to the Climate Statement, Shadow Climate and Energy Minister Ted O’Brien, said Labor has pursued an all-eggs-in-one-basket approach to energy by just focusing on renewables.
“Much of the debate on climate change and energy in Australia centres around the target of reaching net zero by 2050,” O’ Brien said.
“To meet that challenge, the first question we must ask ourselves is not about net zero or even about emissions; rather the first question to ask ourselves is: What sort of Australia do we want to be in 2050 and beyond?
“The path the coalition proposes relies on a balanced energy mix of renewables, gas and—as coal retires from the system—zero emissions nuclear energy.
“This is our coal-to-nuclear strategy, replacing one form of baseload power with another.”
O’ Brien said the Coalition has mapped out its nuclear energy plan which includes a new expanded ARPANSA, a new nuclear energy coordinating authority, and a government business enterprise called Affordable Energy Australia.
“In contrast to our plan is Labor's path: an all-eggs-in-one basket, renewables-only plan—a plan that is already failing on every single count,” he said.