New Legislation Shaping Australia's Emissions Reduction Policy
On September 15, 2022, significant climate change legislation came into force in Australia with the commencement of the Climate Change Act 2022 (Cth) and the Climate Change (Consequential Amendments) Act 2022 (Cth). The new legislation enshrines Australia's emissions reduction targets of 43% on 2005 levels by 2030 and net zero by 2050 (together, the "Targets"). The new laws are an important component of the new Australian government's emissions reduction and renewable energy transition plan. The legislation requires greater transparency and accountability by the Australian government in monitoring and disclosing Australia's progress towards meeting the Targets. It also imposes obligations on Commonwealth government agencies and departments to take the Targets into account when exercising certain powers and functions. The new legislation sets Australia on a course for rapid and far-reaching policy and legislative reforms across all sectors in order to meet the Targets. See Jones Day's recent Commentary, New Legislation Shaping Australia's Emissions Reduction Policy, for additional information.
