The US is expected to commit to halving its emissions by 2030, based on 2005 levels. In other words, they will reduce emissions by 43% from today’s levels in the next decade, despite plans for massive COVID-19 economic stimulus. The new US climate target will abate 5.2 billion tonnes of CO2 and be a significant departure from their previously climate goals that mirrored Australia’s targets.
For Australia to match US ambition and have any hope of reaching net-zero emissions, the country would need to commit to a 2030 target of at least 50% emissions reduction on 2005 levels. This would be an additional 42% reduction on today’s levels.
Benefits will include:
• Preventing 875Mt, equivalent to almost two years of Australian current annual emissions from ever being emitted;
• Lower 2030 emissions will make reaching net-zero emissions a more achievable goal and a smoother trajectory, regardless of the timeframe;
• The transition to net-zero will be less disruptive and more likely to capture new economic and employment opportunities.