One expert says climate targets can seem abstract but matter because they serve as an ‘investment signal’ to cashed up investors
The UK’s announcement of an 81% emissions cut below 1990 levels by 2035 shows the Australian government should set an ambitious climate target that will quickly drive investment and create clean industries, experts say.at the Cop29 UN climate summit in Azerbaijan, though they said it would need to be backed by clear plans. The UK is one of the first larger countries to announce a 2035 target before a UN deadline next February.
Erwin Jackson, policy director with the Investor Group on Climate Change, said Australia should follow the UK – which accepted a recommendation from that country’s Climate Change Committee – in tying its target to independent advice. Alison Reeve, the Grattan Institute’s deputy energy and climate change program director and previously a public servant working on climate policy, said the UK differed from Australia, in part because it has lost a lot of heavy industry.
The Greens and teal independent MPs have urged the major parties to announce 2035 targets before the election. Several called for at least a 75% cut by 2035 to protect the environment and the economy.
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