The Climate Change Bill 2022 marked the end of nearly a decade of policy uncertainty, creating a legislative framework for Australia's emissions reduction targets and establishing new accountability measures to track progress.

The legislation, passed in September 2022, received broad support from business, industry, unions, farmers, and conservation groups, who had long called for policy certainty. The Bill represents Australia's contribution to the Paris Agreement goals of keeping global temperature rise well under 2 degrees Celsius above pre-industrial levels.

At the core of this reform is the recognition that legislative certainty is crucial for driving investment and economic growth in a decarbonising global economy. The IPCC's findings emphasise that climate laws enable mitigation action by setting clear targets and enhancing regulatory certainty.

Key Changes Include:

For Emissions Reduction:

• Legislated target of 43% reduction from 2005 levels by 2030

• Commitment to net zero emissions by 2050

• Targets set as a floor, not a ceiling, allowing for greater reductions

For Accountability:

• Annual climate change statement to Parliament by the Minister

• Independent advice from the Climate Change Authority

• Mandatory publication of Climate Change Authority advice

• Minister must explain any departure from Authority's advice

For Implementation:

• Whole-of-government approach to emissions reduction

• Integration of targets into objectives of key agencies

• Regular independent reviews of the legislation

• Public consultation requirements for reviews

Recent analysis shows Australia is on track to achieve these targets, with projections indicating a 42.6% reduction by 2030, and the potential to exceed the carbon reduction budget by 152 million tonnes over the decade to 2030.

[1]https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fems%2Fr6885_ems_9d4ce4ae-c74e-4da9-9fc2-8c321d6d932f%22

[2] https://www.dcceew.gov.au/energy/strategies-and-frameworks/powering-australia

[3] https://theconversation.com/australia-on-track-to-meet-2030-43-emissions-reduction-target-on-latest-figures-244642

[4] https://www.aofm.gov.au/sites/default/files/2022-11-28/Aust%20Govt%20CC%20Actions%20Update%20November%202022_1.pdf