03.11.2022
Australia passes new climate bill
Photo by: Kaszojad / iStock
Climate change has long been recognised as a global problem. Most governments around the world have sought to reduce carbon emissions through measures and legislation. Until recently, Australia was thought to be lagging far behind most developed countries in this regard. So now the passage of a climate bill through the Australian parliament has undoubtedly been a landmark event.
The Climate Change Bill, which has passed both Houses of Parliament, sets a federal government target of reducing greenhouse gas emissions by 43% from 2005 levels by 2030 and zero emissions by 2050. It also requires the minister to prepare and submit an annual statement on climate change and the Climate Change Office to advise the minister on the annual report and future targets for reducing greenhouse gas emissions.
This is a first step and should be followed by more specific actions, including the introduction of a legislative framework that can help the country actually meet its climate change targets. It is also important to get Australian companies to contribute to the mission of zero emissions as well. Energy Action recently surveyed nearly 70 businesses with revenues between $2 and $200 million. It has learned that companies are aware of the need to have zero-emission plans, but there is still a long way to go towards reality.
The federal government’s next step must address this imbalance and legislate policies and strategies that can help Australian businesses also cope with the climate crisis. Specific actions must be built on three pillars: accountability, investment and standards.
Despite the importance of the new bill, it is recognised that it is still not a concrete plan or strategy for achieving carbon neutrality, but merely an acknowledgement of the importance of tackling the problem. But the law gives hope that more will be done in the future.
Australia is part of the United Kingdom and must move quickly to adopt reporting standards that require all listed companies to report their global energy consumption and large businesses to disclose their energy use and emissions. The UK was the first country to legislate for the Task Force on Climate-Related Financial Disclosure requirements for large companies and financial institutions. And the introduction of a similar scheme in Australia is critical to holding large businesses accountable for their climate change activities.
Cover photo: simonbradfield / iStock
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