Cornwall Insight Australia has disclosed a set of emission reduction targets spanning federal and state governments.
The Australian Energy Market Operator (AEMO) is actively integrating these targets into its Integrated System Plan (ISP) scenarios, a strategic move shaping the nation’s energy future.
Australia’s commitment to emission reduction is exemplified by its 2030 target, seeking a 43 per cent reduction from 2005 levels. Each state has set interim 2030 targets, demonstrating a united effort against climate change. New South Wales and Victoria aim for a 50 per cent reduction, Queensland targets 30 per cent, South Australia strives for at least 50 per cent, and Western Australia eyes an 80 per cent reduction below 2020 levels for government greenhouse gas emissions.
The Targets Statement offers a comprehensive overview, outlining explicit targets and policies likely to contribute to emission reduction. AEMO, guided by these targets, now has discretion to consider additional targets and public policies not explicitly stated, emphasising a commitment to a holistic approach in combating climate change.
States are taking individual initiatives, with Tasmania achieving net zero in 2015 and setting a precedent. Victoria sets ambitious targets for 40 per cent renewable energy by 2025, 50 per cent by 2030, and substantial offshore wind capacity by 2040. Queensland, South Australia, and the Australian Capital Territory commit to 50-100 per cent renewable energy, with a focus on electric vehicle (EV) strategies.
Regarding EV strategies, states align transportation goals with emission reduction targets. Queensland plans for 50 per cent of new passenger vehicles to be emission-free by 2030, while South Australia aims for 170,000 EVs on its roads by the same year. These targets complement the broader goal of creating a sustainable and eco-friendly transportation infrastructure.
In July 2021, analysts from Cornwall Insight Australia highlighted that the constraints that would be symptoms of an energy system in transition, and how a balancing act of new supply and transmission would bring out the challenges along the way.