Labor leader Anthony Albanese says his party will cut greenhouse gas emissions by 43 per cent by 2030 if elected in the 2022 federal election. Prime Minister Scott Morrison predicted emissions would be cut by 35 per cent over the same period at last month’s COP26 climate summit.
The Labor Party has committed to cutting greenhouse gas emissions by 43 per cent by 2030, provided the party wins the next election. The target was announced by Labor leader Anthony Albanese on Friday.
Mr Albanese explained the emissions target would costly around $700 million to achieve. According to the party leader, the goal would be propelled by the existing Climate Solutions Fund, with the establishment of a “powering the regions fund” upon election.
“In addition to that, we allocate up to $3 billion of the national reconstruction fund for industries to adapt and grow,” said Mr Albanese.
The Labor leader also claimed the plan would create upwards of 600,000 new jobs and boost investment into renewable energy.
“Australian business is leading. It’s time that the Australian government caught up,” Mr Albanese said.
“That’s why our plan to create jobs, cut power bills, boost renewables and reduce emissions is the right plan for Australia.”
The plan exceeds the emissions target set by the Morrison Government. Although the government has not made any pledge toward the outcome, they have forecasted that greenhouse gas emissions will reduce by around 35 per cent by 2030.
The Morrison Government committed last month to reaching net zero emissions by 2050. The commitment was made after lengthy discussions and negotiations with the coalition, who sought for commitments to job security and creation.
The government said much of their net-zero commitment was based on plans to invest in carbon capture and storage, a technique for capturing carbon emissions and storing them underground before they reach the atmosphere.
Carbon capture and storage is a technique which is not yet widely used. Its effectiveness is still being established.
“Scott Morrison left it to the last possible minute to outline a scam that leaves everything to the last possible minute,” the opposition leader said.
The plan was established through a meeting with Labor MPs.
“What we didn’t do was adopt a target and then work back. What we did was work through what other good policy mechanisms will see a growth in jobs, a reduction in emissions, growth in renewables and a reduction in power prices for households and business, and then see where that came up through the modelling,” said Mr Albanese.
In response to the Labor Party’s announcement, the prime minister has said he expects Labor to change their plan to appease the Greens.
“This is the starting bid from Labor. It’s not the final outcome,” Mr Morrison said.
“And if they have to get into that option with the Greens to form government, it won’t be 43, that will be the opening bid and it’s going to end a lot higher than that.”
The federal election will take place sometime before the end of May 2022.