Australia has committed to reaching net-zero emissions by 2050. The government bets on technologies to achieve this goal and will invest AUD20bn (US$15bn) by 2030 to reduce the cost of priority technologies (clean hydrogen, ultra low-cost solar, energy storage for firming, low emissions steel, low emissions aluminium, carbon capture and storage (CCS) and soil carbon). Overall, technologies are expected to contribute to up to 85% of the emission reductions necessary to achieve carbon neutrality by 2050 (40% from achieving Australia's Technology Investment Roadmap, 15% from global technology trends, 15% from further technology breakthroughs and 10% to 20% from international and domestic offsets). The plan is based on existing government programmes and will not require any new legislation. Australia will not strengthen its 2030 target of reducing greenhouse gas (GHG) emissions by 26-28% from 2005 levels. Emissions are projected to decline between 30% and 35% by 2030.
Australia's CO2 emissions from energy use have been on the decline since 2017, reaching 372 Mt in 2020 (equal to the 2005 level but 42% above the 1990 level).
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