The Australian government released its Long Term Emissions Reduction Plan to achieve net zero emissions by 2050. The Plan aims at reaching a net zero economy through a technology-based approach, whilst protecting relevant industries, regions and jobs. It is part of an overarching strategy for emission reduction, based on a technology-led approach which includes a Technology Investment Roadmap and its Low Emissions Technology Statements.
The five principles of the Plan are:
- No additional taxes will be introduced, deemed as a regressive system that imposes costs on citizens. The transition will be led by technology.
- Consumer choice will be expanded.
- The cost of green energy technologies will decrease.
- Energy prices will remain affordable and energy supplies will be reliable.
- The transition will be transparent and accountable.
The Australian government will invest AUD 20 billion in low emissions technologies over the next decade (under the Technology Investment Roadmap), hoping to unlock AUD 80 billion of private and public investment on green technologies. Five-yearly reviews will assess the progress of the Plan and the technology advancement required to achieve its objectives.