Last month, the Albanese government unveiled Labor’s 2035 climate targets, which promise to reduce emissions by more than 62% and up to 70%.
Meeting the target and then hitting net zero emissions by 2050 would require Australia to transform its energy system completely and would require an extraordinary amount of investment in new electricity generation, transmission, and storage.
A July 2023 report from Net Zero Australia (a consortium from the University of Melbourne, University of Queensland, Princeton University, and management consultancies Nous and Evolved Energy) estimated that between $7 trillion and $9 trillion in capital expenditure will be required to meet Australia’s goal of net zero by 2050.
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