The Climate Change Authority has published its second Annual Progress Report, as required under the Climate Change Act 2022, and shows that Australia is not on track to reach its 2030 targets. 

The Climate Change Authority (CCA) was established in 2011 under the Climate Change Authority Act 2011. It is an independent body that provides expert advice to the Australian Government regarding climate change policies.

Key takeaways from the report:

  • Australia’s goal for 2030 requires an average annual reduction of 17 Mt CO2-e in emissions. However, since 2020, the decline in emissions has been just over half of the required rate, and in the 12 months leading up to June 2023, there was a slight increase in emissions (they call it ‘slightly’, but it was 116 Mt CO2-e more).
  • The report calls out governments, companies, investors, and communities to make the changes required for decarbonisation. It suggests that companies demand low and zero-emissions goods and services.
  • Achieving Australia’s 2030-point target relies heavily on meeting the government’s 82% renewable energy target, as almost one-third of Australia’s total emissions come from electricity generation.
  • Facilities under the safeguard mechanism that retire an amount of ACCUs equivalent to or more than 30% of their baselines are required to provide a statement to the Clean Energy Regulator setting out why onsite abatement has not taken place (see pg. 15 and 101).
  • The demand for ACCUs in the market is expected to rise, and there is considerable potential for landholders to initiate soil carbon projects. In 2023, these soil carbon projects constituted 48% of newly registered projects in the land sector. Additionally, the Government has committed $49 million for grants under the National Soil Carbon Innovation Challenge. It also touches on legislative changes in WA to allow diversification leases to expand carbon farming activities (see pg. 2024).

To access the full report, see here

By Clima