Australia pledges billions for clean energy

Australia has set an ambitious 2035 Climate Target, pledging to reduce its greenhouse gas emissions by 62-70 per cent over the next decade, a goal that promises one of the steepest transitions in our history.

The announcement comes ahead of a UN deadline for governments to submit their updated climate plans before the Cop30 summit in Brazil this November.

Australia is one of the world’s highest emitters per capita, largely due to its powerful resources industry. The new target falls below the 65-75 per cent range modelled by the treasury department and proposed by the independent Climate Change Authority, which advises the government on climate policy.

Prime Minister Anthony Albanese also announced A$5 billion in funding to help industrial facilities decarbonise, along with A$2 billion for the Clean Energy Finance Corporation. This is expected to continue support for renewable projects and drive down electricity prices.