Australia has raised its 2030 carbon emission reduction target to 43% by 2030 (from 2005 levels), up from the previous target of between 26% and 28%. Greenhouse gas (GHG) emissions stood at 621 MtCO2eq in 2005, which would lead to cutting emissions to 354 MtCO2eq in 2030, compared to 488 MtCO2eq in 2021.
The new government has submitted Australia’s updated nationally determined contribution (NDC) to the UNFCCC and reiterated Australia’s commitment to reach net zero emissions by 2050. This updated target puts the country more in line with other OECD nations.
Australia’s renewable capacities have increased rapidly, notably solar (multiplied by 8 in 10 years to reach 19 GW in 2021) and wind (multiplied by 4 to reach 9 GW). Renewables (including hydropower and biomass) represented 45% of the country’s total installed capacity but only 27% of its power generation in 2021 (coal still makes up 53% of power generation). Australia also remains the world’s largest exporter of coal and LNG (364 Mt and 106 bcm respectively in 2021).
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.