Australia has made progress in its efforts to combat climate change, but the road ahead remains steep.

The Climate Change Authority (CCA) has released its 2024 Annual Progress Report, which informs Minister for Climate Change and Energy Chris Bowen’s Annual Climate Change Statement, delivered in Federal Parliament.  

The CCA report acknowledges critical advancements, including key policies such as the expanded Capacity Investment Scheme, the New Vehicle Efficiency Standard, and the reformed Safeguard Mechanism. 

Together, these measures have increased the likelihood of achieving a 43 per cent reduction in emissions from 2005 levels by 2030. 

However, the authority warns that much remains to be done. 

Although emissions dropped by 3 million tonnes of carbon dioxide equivalent (Mt CO2-e) in 2023–24, annual reductions must now average 15 Mt CO2-e each year for the next six years to stay on track.  

“Cutting emissions now is an urgent priority and investing in renewables is the best way to do it,” said Matt Kean, Chair of the Climate Change Authority.

He said accelerating renewable energy infrastructure is needed to not only replace retiring coal generators but also to provide the backbone for electrifying other sectors such as transport and industry.  

The report shows that emissions reductions are uneven across the economy. 

While the land and electricity sectors have driven a 28 per cent overall drop since 2005, emissions from agriculture, transport, and industry remain stubbornly high, collectively sitting 13 per cent above 2005 levels. 

Bowen, in his statement, reflected on the broader implications of climate action for Australia’s economy. 

Transitioning to a renewable energy-based system is not only vital for achieving emissions reductions but also presents substantial economic opportunities. 

The government’s $22 billion Future Made in Australia plan is designed to foster industries powered by renewable energy, including the production of clean technologies such as solar panels, batteries, and renewable hydrogen. 

Bowen said Australia’s position as a global supplier of critical minerals gives it a unique edge in the race to dominate net zero industries, describing the renewable electricity system as the “entry ticket” to stronger trade partnerships with nations pursuing similar goals.  

Equally significant is the government’s focus on inclusivity in the renewable energy transition. 

Initiatives like the First Nations Clean Energy Strategy aim to ensure that Indigenous communities share in the ownership and economic benefits of new projects. 

Australia’s renewable energy uptake is already world-leading, with rooftop solar capacity now surpassing the output of the nation’s entire fleet of coal-fired power stations. 

Nearly 40 per cent of electricity is generated from renewables, a doubling of the share in just six years. 

Despite this achievement, Bowen stressed the importance of maintaining momentum. Projections show that delays in deploying renewables would not only slow emissions reductions but could also increase energy costs.  

While the report offers a cautiously optimistic outlook, it emphasises that meeting the 2030 target requires the current policies to deliver fully and additional efforts to address barriers, particularly in accelerating renewable energy projects. 

Kean pointed to the untapped potential of commercial and industrial solar and battery storage, which could provide rapid benefits with less reliance on large-scale transmission infrastructure.  

The path ahead also involves addressing structural barriers in the energy market. 

Bowen said ageing coal-fired generators are becoming increasingly unreliable, leading to frequent outages and price volatility. 

He called for the continued replacement of coal with clean, reliable energy sources. 

The Australian Energy Market Operator estimates that 90 per cent of coal plants will retire by 2035, making renewable energy investments indispensable for a stable and affordable energy future.  

Australia’s decarbonisation journey is well underway, with emissions now at their lowest per capita since the late 1980s. 

However, the 2024 Annual Progress Report and Minister Bowen’s statement make it clear that the coming years will be decisive.

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