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Australia's Plan to
Reach our Net Zero Target by
2050
Your questions
answered
What
is Australia's target?
Our target is net
zero by 2050.
How will we achieve that
target?
The Morrison Government has invested
$20 billion in low emissions technology over the next
decade which will unlock at least $80 billion of total
private and public investment, including in green
hydrogen, carbon capture and storage and battery
technology.
What sort of investment will
be made to help reduce Australia's
emissions?
We will see investments in
green technologies including hydrogen, battery storage,
low cost solar, soil carbons, carbon capture and
storage, low emission aluminium and steel to ensure we
reach out net zero by 2050
target.
Will this plan make
increase cost of
living?
Our plan is based on
technology not taxes. Our plan is based on driving
energy prices down not increasing energy costs for
Australians. Unlike many other countries, we are going
to be accountable for our progress through regular five
yearly reports from the Productivity Commission,
recording reductions in emissions and the effect on our
economy.
Why does Australia
have a 2050 target but not a new 2030
target?
We went to the last election with a
target of 26-28 percent reductions by 2030 and we are on
track to meet and beat that. In fact, we are likely
to reduce the emissions by 35 percent. The other reason
is that there are some technologies that we are going to
use that will require a longer lead time, and if we
increase the interim target in 2030, it may prevent us
reaching the technological goals that we want to achieve
by 2050.
Why is a technology focus so
important rather than a tax focus?
It's important because the challenge of climate change
isn't limited to any one country and what we want
to do is develop technologies that can be built up here
and exported to developing countries who can benefit
from the same lower emission technology that we
do.
What about our traditional
industries?
The agricultural and
mining sectors both support net zero by 2050 because in
agriculture, they are a net carbon absorber, and the
sector is already transitioning in relation to meat and
livestock to drive down emissions. In relation to
mining, Australia has a domestic coal sector which will
serve to fuel our power plants until the end of their
lifecycle. Our mining companies will continue to export
our high quality thermal coal and metallurgical coal and
they are diversifying into copper and critical minerals
which will be essential for our future low emissions
technologies.
What is Australia's record like
when it comes to meeting these targets?
Australia met and beat our 2020 target, we will
meet and beat out 2030 target, and we are meeting and
beating those targets faster than the US, Canada, New
Zealand, and Japan, which are large industrialised
economies very much like our own, and faster than the
OECD average.
What impact does trade
have on our decision to adopt the policy of
net zero by 2050?
Ninety percent of our
exports are to countries with net zero commitments.
Global momentum to tackle climate change is
building. Countries with net zero commitments make up
over 80 percent of world GDP. Our export partners and
global financial markets are already making the
decisions that this is where they want to go, and
Australia needs to meet the market for our
exports.
Is climate change a threat or an
opportunity?
If we don't act now it is a
threat. Australia could miss out on opportunities to
create new industries. But if we take action now
it's an opportunity because we could be a leader in
emerging low emissions technologies. We need to take
advantage of our natural resources and make Australia a
leader in these new industries.
Will
the economy take a hit?
No. At the same time
we've reduced our emissions by 21 percent, our economy
has grown by 45 percent. Reducing emissions provides us
with an opportunity for greater economic
growth.
Does net zero mean that we get
rid of all emissions?
No. It means we
aim to offset our emissions though technology like
carbon capture and storage and soil carbon. Our plan
shows how our priority technologies under the
Technology Investment Roadmap will deliver 85
percent of the emissions reduction necessary to achieve
net zero by 2050. The remaining emissions reductions
will be achieved through high integrity
offsets.
Will the plan shut down any critical
industries?
No. We won't shut down
production of critical industries. We won't increase
household costs and it won't cost
jobs.
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