PERTH (miningweekly.com) – Australia’s net zero emissions target by 2050 has been enshrined into legislation, after the Senate passed the Climate Change Bill, targeting a 43% reduction in Australia’s emissions.

Minister for Climate Change and Energy Chris Bowen said the legislation puts Australia on a credible path to net zero. 

“The passage of the climate change legislation sends a message to the world that Australia is serious about driving down emissions, and serious about reaping the economic opportunities from affordable renewable energy.

“Legislating these targets gives certainty to investors and participants in the energy market and will help stabilise our energy system. It also strengthens transparency and accountability through the annual climate change statement and will ensure public debate informs government decisions.” 

Bowen said that the legislation will provide the energy policy and investment certainty needed to usher in economic growth and opportunity in a decarbonising global economy.

The Bills ensure a whole-of-government approach to drive down emissions and accountability through an annual update to Parliament.

The legislation also empowers the Climate Change Authority to provide the government with independent and expert advice while agencies including the Australian Renewable Energy Agency, the Clean Energy Finance Corporation, Infrastructure Australia and the Northern Australia Infrastructure Facility will embed amended targets in their objectives and functions. 

The new legislation comes as the Minerals Council of Australia (MCA) released its Climate Action Plan progress report for 2022, which demonstrated the mining industry’s continued action to reduce its emissions and work towards the ambition of net zero by 2050.

The progress report confirms that 93% of measures contained within the 2020 Climate Action Plan have commenced, and 80% are on track in year two.

Between the 2020 and 2021 financial year, MCA member companies continued to adopt and invest in new low emissions technologies and these efforts have helped to reduce Scope 1 emissions in 2021 by 3.6%, virtually level with emissions in 2018. Overall, member companies reduced their national greenhouse and energy reporting scheme scope 1 and 2 emissions by 4.7% in 2021.