Australia’s Climate Change Bill 2022 was approved by the Senate last Thursday, enshrining the country’s emissions reduction targets into law. Originally introduced in July by Australia’s new government under Prime Minister Anthony Albanese, the new law includes targets for the country to reduce greenhouse gas (GHG) emissions by 43% by 2030, compared to 2005 levels, and to achieve net zero by 2050. In addition to the emissions reduction targets, the new law requires the government to table an annual climate change statement on the country’s progress towards the goals, empowers the government’s independent Climate Change Authority to advise the government on future greenhouse gas emissions reduction targets, and requires government agencies and departments.

Source: ESG Today