- The Hon Angus Taylor MP, Minister for Industry, Energy and Emissions Reduction
The Morrison Government welcomes the finalisation of the Paris Rulebook at COP26 in Glasgow.
The Morrison Government will always stand up for and make decisions in Australia’s national interest, and we will do what’s right for rural and regional communities.
Australia’s economy is almost unique amongst developed countries, with an economy specialised in the production of energy- and emissions-intensive commodities. We are the world’s fourth largest energy exporter, after Saudi Arabia, Russia and the United States.
Since 2005, we have reduced emissions faster than any other major commodity exporting nation in the world. Our emissions are now more than 20 per cent below 2005 levels and have fallen faster than many similar developed countries, including Canada, Japan, New Zealand and the United States, and faster than the OECD average.
Ahead of and during COP26, Australia worked closely with our Pacific family to raise the important role of our oceans in addressing the impacts of climate change, to secure outcomes on climate financing and support for building climate resilience, particularly for vulnerable countries in our Pacific region, and to ensure they have access to low emissions technologies to support their development and future prosperity.
At COP26 Australia updated and enhanced our Nationally Determined Contribution (NDC) under the Paris Agreement to include our net zero emissions by 2050 target, our latest emissions projections to 2030 that will see Australia achieve up to a 35 per cent reduction by 2030, and seven new targets in the form of our low emissions technology stretch goals, which will be critical to achieving our 2030 and 2050 targets through our technology not taxes strategy.
Australia’s 2030 target is fixed and we are committed to meeting and beating it, as we did with our Kyoto-era targets.
The Government particularly welcomes outcomes on international carbon markets (Article 6) and a standardised transparency framework, which was a major focus for Australia.
Transparency is the key to accountability and to translating ambition into achievement. This goes to the heart of the Paris Agreement, which relies on all countries delivering on their commitments to achieve a global net zero outcome.
Australia’s emissions reporting and transparency is the gold standard and we expect all major emitters to display similar levels of transparency.
Through the $104 million Indo-Pacific Carbon Offsets Scheme, we are working with our regional partners to build the capability of their emissions accounting and reporting capabilities.
Strong transparency and integrity standards are vital to ensuring carbon markets deliver real and verifiable emissions reductions.
Australia has doubled its climate finance commitment to $2 billion over the next five years. More than 70 per cent of our support is focused on climate resilience and adaptation.
At COP26, countries committed to scale up cooperation to make low emissions technologies the most cost effective and reliable option globally.
Australia joined the Glasgow Breakthroughs Initiative, which sets global goals to make clean technologies the most affordable and accessible option before 2030. This initiative is a strong international endorsement of our practical, technology-led approach.
A focus on reducing the cost of low emissions technologies to parity with existing approaches is the only way to make net zero practically achievable for all countries. To that end, the Australian Government will invest more than $21 billion in the next generation of low emissions technologies, to drive up to $120 billion of total public and private investment in Australia by 2030.
Under our Plan to achieve net zero emissions by 2050, we will act in a practical, responsible way to reduce emissions and build on our track record of achievement – reducing emissions while growing our economy, maintaining affordable, reliable energy and ensuring our regions remain strong. That’s the Australian way.
