Ai Group welcomed the chance to make a submission on the Climate Change Authority’s 2024 Issues Paper Targets, Pathways and Progress.

The decisions confronting Australia in relation to climate ambition are of exceptional importance. A successful global response to climate change is strongly in Australia’s national interest. Minimising global temperature increases will minimise the serious economic, social and environmental impacts Australia faces from climate change. Our economic opportunities in a world pursuing net zero emissions are also very substantial if we pursue them effectively, and form a hedge against the likelihood that other countries’ transitions will shrink their demand for Australia’s fossil exports.

The questions raised by the Authority about the balance between ambition and deliverability are appropriate. Ai Group has supported Australia’s interim emissions targets to date as a guide path and glide path to meeting the global Paris Agreement goal to limit further climate change. Targets need to be credible to support investment.