August's climate & carbon update

Highlights for climate and carbon

• Australia is moving towards setting its new carbon emission reduction targets for 2035 under the Paris Agreement.
• The target of a 43 per cent reduction of 2005 emission levels by 2030 is on track with the data for 2024 placing emissions, at 28.2 per cent below 2005.
• The Climate Change Authority (CCA) is due to make a recommendation to the Australian government in the coming weeks for a proposed emission reduction target for 2035. Based on a 2024 report the CCA produced, it’s likely this recommended target will be a 65-75 per cent reduction from 2005 emission levels.
• The aim of the emission reductions is to limit global warming by reducing the global average temperature rise compared to the pre-industrial average temperature. As the global average temperature rises, there are greater risks for people and natural systems via increased extreme weather events, from flooding to drought, and increased bushfire risk.
• Currently the global temperature average is 1.3°C above the pre-industrial average and the Paris Agreement goal is to keep the global average temperature to 2°C above the pre-industrial average.

Data from ABS and DCCEEW, projected values assumes continued interventions via additional measures.

Claire Adams

Agricultural Analyst

Claire is our Insights specialist for the wool industry. She combines her experience through government, industry and agriculture alongside a Masters in Global Food & Agricultural Business and a Bachelor of Environmental Science (Hons).