According to the government, Australia’s greenhouse gas (GHG) emissions are forecast to reach 478 MtCO2eq in 2030, which would be 22% below 2005 levels; under a scenario aligned with the Technology Investment Roadmap, GHG emissions should decrease to 436 Mt CO2-e in 2030, i.e. 29% below 2005 levels. Australia would then meet its target to reduce its GHG emissions by 26% to 28% by 2030 compared to 2005. Australia’s abatement task to meet the 2030 target should range between 56 Mt CO2eq - corresponding to a 26% reduction - and 123 Mt CO2eq, i.e. a 28% reduction over the 2021-2030 period. This should be achieved thanks to new measures aimed at accelerating the development of low emissions technologies included in the 2020-2021 budget, the steady growth in renewable power generation, and temporary effects on the COVID-19 pandemic.
Earlier in December 2020, Australia abandoned its plan to use Kyoto carryover credit to achieve its remissions reduction targets. The country received carryover credits as Australia exceeded its greenhouse gas (GHG) emissions reduction target for the first Kyoto period (2008-2012) and the projected overachieved for Kyoto 2 (2013-2020). The surplus could have been counted towards Australia’s commitment to the 2015 Paris agreement.