Prime Minister Anthony Albanese raised the country’s 2030 emissions reduction target to 43 per cent, saying it “sets Australia up for a prosperous future, a future powered by cleaner, cheaper energy”.
Climate action has been politically fraught in Australia, a country where fossil fuels are still vital export earners and feed the majority of domestic energy production.
During his election campaign, Mr Albanese and his centre-left Labor party pledged to “end the climate wars” and raise Australia’s emissions targets.
He said the new targets would give business the certainty it needed to “invest over a longer time frame than the political cycle of three years”.
Anja-Isabel Dotzenrath, BP’s executive vice president of gas and low carbon energy, said the company believed that “Australia has the potential to be a powerhouse in the global energy transition”.