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Australia’s climate finance contributions under the previous Government have been very low compared to its fair share. The CAT rates Australia’s international public climate finance contributions as “Critically insufficient”. Other sectors of the economy will have to compensate and meet the abatement burden created by the industry sector. Modelling commissioned by the Australian Labor Party shows high levels of emissions - of at least 60 MtCO 2e - remaining in 2050, from facilities covered by the safeguard mechanism - largely in the industry sector.

The Albanese government reiterated Australia’s commitment to net zero target by 2050 when it submitted its new NDC. Īustralia has a net zero by 2050 target, but the actions set out in the Long-Term Strategy of the previous Government will not achieve this target, and fall short by a considerable margin.

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While this represents a significant improvement on the last target, for a 1.5 ☌ compatible target, Australia needs to adopt 2030 domestic reductions of at least 57%, and full fair share reductions, taking into account climate finance commitments, of at least 60% below 2005 emission levels. Its overall rating is “Insufficient” when compared to its fair share of global action, as it needs to increase its contribution to climate finance. With its new NDC target Australia has improved its rating for its domestic efforts to “Almost sufficient”. The bill needs the support of the Greens and Independents to be passed by the Senate. On 26 July, the Government moved to enshrine its target in a bill introduced to Parliament, containing a clause that any future targets must be a progression beyond current commitments.

To achieve this the Albanese Government needs to abandon its support for new fossil fuel projects, which will drive emissions up, not down. The new government has an opportunity to increase its climate action in the crucial period to 2030. While the new NDC target is a positive step, Australia will need to adopt more ambitious climate policies and take further action to reach 1.5☌ Paris Agreement compatibility. The CAT has upgraded Australia’s overall rating to “Insufficient” from “Highly Insufficient”.

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The newly elected government moved swiftly to update its NDC in June 2022, submitting to the UNFCCC a new target of a 43% reduction of greenhouse gas emissions by 2030 below 2005 levels, including LULUCF. The May 2022 elections heralded a change in Australia’s Federal government, which led to an improvement in ambition of its 2030 climate target.