“A net-zero target by 2050 provides Australian communities and businesses with long-term certainty and direction. The Australia Institute welcomes the announcement, which aligns with the targets of every Australian state and territory,” said Richie Merzian, Climate & Energy Program Director at the Australia Institute.

“More policy will of course be needed to work out how Australia meets this target in the short and medium term, however, having a long term goal is important in itself.

“A net-zero by 2050 emissions target is the least of what is required to attempt to avoid dangerous climate change.

“The urgency of the climate crisis requires immediate and ambitious climate action and the Australia Institute looks forward to federal policymakers developing credible plans that align with Australia’s Paris Targets.

“The cost of climate inaction is estimated to be around $130.5 billion dollars per year, without even beginning to take into account climate disasters. As the recent bushfire emergency has demonstrated, the cost of climate disasters are high, far reaching and still being felt; and climate disasters are likely to be more extreme and come more often as climate change escalates.”

Australia Institute analysis of 22 economic reports, including three major Treasury reports, that modelled higher ambition emissions reductions by 2030, reveals the cost of ambitious climate action is very small compared to ongoing economic growth. The Australia Institute findings are consistent with those of the CSIRO Australian National Outlook report.