The government of Australia has adopted a 2035 climate change target, in line with recommendations of the Climate Change Authority, aiming to cut greenhouse gas (GHG) emissions by 62% to 70% by 2035, compared to 2005 emissions.
To reach this target, Australia will seek to boost renewable power generation combined with new transmission and storage facilities (including residential batteries), to improve energy efficiency and raise electrification (including the New Vehicle Efficiency Standard, supporting consumers switch to EVs and improving energy efficiency), to expand clean fuel use (low carbon liquid fuels and green hydrogen), to accelerate new technologies through Future Made in Australia investments and innovation support through ARENA, and to scale up net carbon removals through carbon storage and the Australian Carbon Credit Unit Scheme.
The Australian government plans to invest over AUD8.1bn (USD5.3bn) to help meet the target, including a new AUD5bn (USD3.3bn) Net Zero Fund in the National Reconstruction Fund dedicated to industrial decarbonisation, AUD2bn (USD1.3bn) for the Clean Energy Finance Corporation, AUD1.1bn (USD725m) to encourage more production of Clean Fuels here in Australia, and AUD85m (USD56m) to help households and businesses improve their energy performance.
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