Bipartisan support for legislated ambitious emission reduction targets is very welcome as a strong signal for investors in climate solutions in Queensland, said the Carbon Market Institute (CMI).
Queensland’s now-legislated emissions reduction targets (below 2005 levels) of 30% by 2030, 75% by 2035 and net zero by 2050 sees it join NSW and Victoria, also with bi-partisan support, having ambitious but achievable 2035 targets and 2050 net zero goals. CMI said the alignment is particularly important as the Australian Government considers 2035 goals due to be released early next year.
CMI also welcomed the strong renewable energy generation target 80% by 2035, also now enshrined in law despite not receiving bipartisan support, alongside a number of other supporting policies.
Commenting on the legislation, CMI CEO John Connor said:
“We welcome the ambition of these landmark pieces of legislation, as well as the robust policies that support them. The bipartisan-backed emission reduction targets provide vital certainty for investors in climate solutions and should lay a foundation for Queensland workers and communities to ensure they are supported throughout this economic transition.”
“Queensland has abundant opportunities for investment in climate solutions, including clean energy, transport solutions and carbon farming, and should now build on policies that can scale up current investments and decisively shift towards a net zero and nature positive economy.”
“Strong state and territory targets also send a clear signal to the Federal Government as it looks to establish its own 2035 nationally determined contribution under the Paris Agreement, which is due by early next year ahead of COP30 in Brazil,” he said.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is a member-based institute accelerating the transition towards a negative emissions, nature positive world. It champions best practice in carbon markets and climate policy, and its 150+ members include primary producers, carbon project developers, Indigenous organisations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector.
