The Australian Government has promised to set a target of reducing emissions from the nation’s energy systems by 80 per cent by 2050 and has also pledged to reduce CO2 emissions by 26 per cent below 1990 levels by 2030.
But the Government is not doing enough to achieve the goal, the independent Parliamentary Budget Office has found.
In its report released on Wednesday, the PBO says Australia’s energy system, including its hydro and gas systems, is expected to meet its 2020 climate change target if emissions remain low, but it warns the Government has “limited resources” to meet the target.
The report says Australia needs to reduce emissions to achieve a 50 per cent reduction by 2050.
The Government says it has made significant investments to date to reduce carbon emissions and meet the 2020 climate target, including a national target of 40 per cent reductions in greenhouse gas emissions from 2020-2030.
The PBO also found that Australia is now a net emitter of CO2, with a net increase in emissions of 1.1 per cent from 2020 to 2050.
“The projected net emissions increase of 1 per cent for 2020-21 to 2050 is more than enough to meet Australia’s 2020 climate targets,” the Pbo report says.
“However, if emissions continue to rise, the net emissions impact could reach 2.4 per cent of GDP by 2050.”
“While Australia has made progress in reducing emissions, the Government needs to take additional actions to achieve its 2020 target,” the report says, adding that Australia would still be one of the world’s largest emitters of CO02 if it did not reduce emissions.
The government says it is committed to meeting its 2020 targets, but has yet to release a specific plan for achieving them.
Topics:climate-change,environment,environmental-policy,environment-management,federal-government,environment and-finance,environmentaling,environmentation-industry,environmentally-sensitive-business,business-economics-and-firms,energy,environmentary-policy-and/or-regulation,government-and‑politics,government—state-issues,australiaFirst posted March 06, 2020 11:16:34Contact Adriano PintoMore stories from New South Wales