The Australian government has formally adopted the net zero target by 2050, Australian Prime Minister Scott Morrison said.
Morrison and Minister for Industry, Energy and Emissions Reduction Angus Taylor released Australia’s Long Term Emissions Reduction Plan, to deliver net zero emissions by 2050 on 26 October, ahead of COP26 in Scotland.
The plan is based on existing policies and will be guided by five principles that will ensure Australia’s shift to a net zero economy will not put industries, regions or jobs at risk.
The principles are: technology not taxes; expand choices not mandates; drive down the cost of a range of new technologies; keep energy prices down with affordable and reliable power; and, be accountable for progress.
Over the next decade, Australia’s existing A$20bn investment in low emissions technology is expected to unlock at least A$80bn of total private and public investment, including in clean hydrogen, carbon capture and storage and energy storage.
The plan also identifies the potential for continued technology advances and breakthroughs to unlock “ultra-low-cost solar”.
As part of the annual update to the Technology Investment Roadmap, the government has set a stretch goal of solar electricity generation at A$15 per megawatt hour.
The plan shows how priority technologies will deliver 85% of the emissions reductions necessary to achieve net zero by 2050.
Australia has reduced emissions to 20% lower than 2005 levels, while the Technology Investment Roadmap which will reduce emissions by around 40%, in addition to global technology trends that will reduce emissions by 15% and high-integrity offsets that will achieve at least a further 10% reduction.
It recognises the role future technology breakthroughs will play in closing the gap, with new and emerging technologies to reduce emissions by a further 15% by 2050.
The plan rules out taxes or a legislated mechanism and includes five-yearly reviews that will enable the government to evaluate progress and adapt to advances in technology.
Morrison said: “Australia now has a target to achieve net zero emissions by 2050, and we have a clear plan for achieving it.
“The Plan will deliver results through technology, not taxes. It respects people’s choice, and will not force mandates on what people can do or buy.
“It guarantees that we keep downward pressure on energy prices and secures reliable power. It will ensure Australia continues to serve traditional markets, while taking advantage of new economic opportunities.”
Taylor said Australia’s emissions reduction story had been one of consistent achievement, and the plan had been designed for Australia.
He said: “Our Plan continues the policies and initiatives that we have already put in place and that have proven to be successful, while preserving existing industries and jobs, and supporting regional Australia.
“It will not shut down coal or gas production, or require displacement of productive agricultural land.”