and unleash a new wave of investor uncertainty, while at the same time cautioning the government that the next target for 2035 must be achievable.
Signatories to the Paris accord have committed to net-zero emissions by 2050 and must have five-yearly milestones to get there.“interim targets are critical to achieving net-zero, providing important milestones to track progress while giving investors certainty to invest. “We’d like 2030 to remain but 2035 will need work,” he said. “We don’t want to go back to the climate wars over targets. It’s about investment, let’s not have a target we won’t be able to reach.”In November last year, departmental projections said Australia was on track to hit 42 per cent by 2030, based on current policy settings.
Energy expert Matt Warren, the director of Boardroom Energy, said the 2030 target was incredibly ambitious given the physical constraints in the renewable energy supply chain. But he said that was no reason not to try.“I understand politics is why the government is sticking to the target, but there’s no shame in missing,” he said. “What’s important is we keep going. That’s more useful than a few per cent either way.
The Coalition says it remains committed to Paris and net-zero by 2050 but all the heavy lifting will be done towards the end using nuclear power. “What we are saying is that target is unachievable,” he said of the 2030 target. “We voted against that, so there should be no surprise. We won’t be plucking a number out of thin air.”“We will produce information every single year and new policies will be added. As I said, we’re on track for 42 per cent last December, and since then, we’ve had significant new policies announced that will further enhance the opportunity,” he said.
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