Falling short on 2030 renewable targets

The Climate Change Authority has released its 2024 Annual Progress Report, and Australia has plenty of work to do across every sector in order to lower emissions.

Although Australia has made progress, emissions only fell by three million tonnes in the 2023–24 period – and they need to fall by an average of 15 million tonnes each year for the next six years to reach Australia’s 2030 target.

The Climate Change Authority is a statutory body that provides independent, evidence-based advice to the Australian Government on climate change policy.

The authority’s report included 10 recommendations for consolidating and building on current progress. The primary focus is to roll out renewable energy infrastructure to prepare for the closure of coal, clean up emissions from the energy sector, and unlock more emissions reductions in sectors like transport and industry.

A cumulative problem

Authority Chair Matt Kean says every additional tonne of emissions adds to the greenhouse gases in the atmosphere and increases the risk of climate and economic impacts.

“Cutting emissions now is an urgent priority and investing in renewables is the best way to do it,” he says.

“Emissions need to fall faster to reach Australia’s 2030 target. Achieving this will require all existing policies to deliver in full, and further government effort to overcome barriers and ensure Australia reaches [the 82 per cent renewables target by 2030] on schedule.”

The report highlights the far-reaching consequences climate change can have on communities – from causing more severe weather events to driving up the costs of household essentials like groceries.

An unbalanced response

The report flags that emissions are not falling equally across each sector of the Australian economy. Reductions in land clearing and new tree planting are almost entirely responsible for the 28 per cent decrease in emissions since 2005.

It also recognises the significant new policies legislated or commencing this year, including the expanded Capacity Investment Scheme, the reformed Safeguard Mechanism and the New Vehicle Efficiency Standard.

Kean says as a top priority, the authority recommends:

• Providing firmer and longer-term foundations for the Capacity Investment Scheme
• Seizing more of the untapped potential of commercial and industrial solar and storage
• Investing in infrastructure that keeps the grid secure and reliable
• Increasing the uptake of rooftop solar and battery storage.

“Each sector must do its part to deliver the reductions needed across the Australian economy,” says Kean.

“The markers of Australia’s success are clear: clean electricity scaling up fast and emissions falling rapidly.”

For more information and to read the full report, click here.