New analysis shows Australia’s emissions are lower now compared to the same period in 2022, according to the quarterly update of Australia’s National Greenhouse Gas Inventory.
Australia’s greenhouse gas emissions are now 25.4% below June 2005 levels, the base year for the nation’s targets under the Paris Agreement.
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Total emissions were at 459.7 million tonnes across all sectors, about 2.2 million tonnes less than the previous September quarter, or a 0.5% reduction.
The latest update shows the increasing share of renewables helped cut electricity sector emissions by 4.9%, or 7.7 million tonnes over the year to September 2023.
This increasing share of renewables year on year is having a big impact in driving down prices too—with Q3 2023 delivering a 71% decrease in wholesale prices from the previous year.
Industrial processes were down 0.5%, and fugitive emissions were down 2.3% or over 1 million tonnes of Co2 equivalent.
The federal government says its reforms to the Safeguard Mechanism will help deliver further reductions over the medium and long-term with over 200 million tonnes of greenhouse gas emissions avoided to 2030.
In the year to September 2023, transport emissions increased by 4.5% and agriculture by 2.5%—in part due to the ongoing recovery from the COVID-19 pandemic and favourable conditions in agriculture.
Climate Change and Energy Minister Chris Bowen said Australia’s renewable transformation was helping to push down emissions and wholesale prices at the same time.
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“Australia’s renewable surge helped to deliver a 71% decrease in wholesale electricity prices over this period—while also driving down emissions.
“While the Albanese Government is investing in cleaner cheaper, cleaner power and future proofing our economy, the LNP is so stuck in their internal climate wars they can’t even commit to a 2030 target.”
