The passing of the Climate Change Bill 2022 in the House of Representatives of the Australian Parliament, with expectation to pass through the Senate, marks a long-awaited transformative moment in Australia’s transition to a low-carbon future.
The bill puts into law an emissions reduction of at least 43% by 2030 which will be binding on the current, and any future, Australian Government. It also sets out specific responsibilities for the Climate Change Authority to monitor emissions reductions across the economy, analyse future targets under the next Paris Agreement and requires annual reporting of these targets by the Minister for Climate Change on Australia’s progress. Furthermore, it requires key Government agencies to consider the targets in their work, including Infrastructure Australia and the Clean Energy Finance Corporation.
This bill is a key underpinning of the transition of Australia’s economy toward a more sustainable, net-zero future. It does so through creating clear, long-term market signals to the public and private sector that the net-zero transition is underway and will continue into the future.
This will see:
- Market certainty leading to investments in renewable energy generation, storage, and transmission
- Elevation of climate change and sustainability considerations in government infrastructure and funding decisions
- Increased transition to renewable and low-impact manufacturing, including green hydrogen generation and circular economy ecosystems being established on-shore
- Improved ability for Australian firms to interact with global markets that are also transitioning to a net-zero future
Urbis is excited to be an active member in the transition to a low-carbon future, with the firm currently on track to be an accredited net-zero business by the end of 2023. We are also actively advising our clients on the opportunities and implications of a low-carbon future on their developments, policies, and business sustainability. Australian businesses and households have much to look forward to as our National and State & Territory Governments strive to embrace the opportunities that are unlocked through a shared commitment to sustainable and resilient cities and communities.