Australia Unveils Roadmap to Reach 2050 Net Zero Emission Target

MOSCOW (Sputnik) – The Australian government presented on Tuesday a state strategy designed to help the country hit a net-zero emission objective by 2050 without harming the employment market, industries, and regions.

The plan was released by Prime Minister Scott Morrison and Angus Taylor, Minister for Industry, Energy and Emissions.

"The Plan is based on our existing policies and will be guided by five principles that will ensure Australia’s shift to a net-zero economy will not put industries, regions or jobs at risk. The principles are: technology, not taxes; expand choices, not mandates; drive down the cost of a range of new technologies; keep energy prices down with affordable and reliable power; and, be accountable for progress", the government said in a statement.

Over the next decade, government investments of $20 billion in low-emission technologies will pave the way for private sector investments of $80 billion, including in such fields as clean hydrogen, carbon reduction, and energy conservation, the statement said.

Australia's priority technologies will provide for an 85% reduction in emissions necessary to hit the 2050 net-zero target, the government said.

"This is achieved through our strong track record, with emissions already more than 20 per cent lower than 2005 levels, the Technology Investment Roadmap which will reduce emissions by around 40 per cent, global technology trends that will reduce emissions by 15 per cent, and high-integrity offsets that will achieve at least a further 10 per cent reduction", the statement read.

The latest forecasts show that Australia is on the way to reducing emissions by up to 35% by the end of the decade, according to the government.

Morrison said that he will take the plan to the upcoming COP26, the 26th UN Climate Change Conference scheduled to be held in Glasgow from October 31-November 12.