The Australian government has announced a new climate target, committing to reduce greenhouse gas emissions by 62%–70% by 2035, compared to 2005 levels. 

To support this goal, Australia unveiled more than $8 billion (USD $5.3 billion) in fresh climate-related investments, focusing on industrial decarbonization, renewable energy, low-carbon fuels, and EV charging infrastructure. This new target will serve as Australia’s updated Nationally Determined Contribution (NDC) under the Paris Agreement, replacing its current commitment of a 43% reduction by 2030. Under the agreement, countries must revise their NDCs every five years with greater ambition. 

Alongside the target, the government released a Net Zero Plan outlining the pathway to the 2035 and 2050 climate goals. The strategy is supported by six sector-specific emissions reduction plans covering Electricity and Energy, Agriculture and Land, Built Environment, Industry, Resources, and Transport. 

Key measures in the Net Zero Plan include: 

• Expanding renewable electricity generation and storage infrastructure. 

• Accelerating electrification and efficiency, including a new vehicle efficiency standard and EV adoption support. 

• Promoting clean fuels through a low-carbon liquid fuels industry and green hydrogen initiatives. 

• Scaling up carbon removals, with reforestation identified as the most cost-effective option. 

The plan is backed by major funding commitments, including: 

• A $5 billion Net Zero Fund for industrial decarbonization and low-emission manufacturing. 

• $2 billion for the Clean Energy Finance Corporation. 

• $1.1 billion for clean fuels development. 

• Additional investments in fast EV charging, household energy efficiency, and decarbonization of sports facilities. 

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