In an annual climate change statement delivered to parliament, Minister for Climate Change and Energy Chris Bowen announced that Australia is projected to cut its greenhouse gas emissions by 42.6 per cent from 2005 levels by 2030 - up from the 37-per cent cut projected in 2023.The government has committed to cutting Australia's emissions by 43 percent from 2005 levels by 2030, Xinhua news agency reported.

"Our robust reforms and pragmatic policies are delivering what we've always said - Australia's 43 per cent target is ambitious but achievable," Bowen said.

According to government forecasts, Australia's total greenhouse gas emissions over the 10 years to 2030 are projected to be 152 million tonnes, or 3.4 per cent, lower than the country's emissions budget.

By comparison, the 2023 climate change statement projected Australia would be one per cent above the 10-year budget.

Australia has an indicative emissions budget of 4,381 million tonnes of carbon dioxide equivalent (CO2e) for the period 2021 to 2030 under the Paris Agreement.

The government has also set a target of 82 per cent of Australia's electricity coming from renewable sources by 2030.

A quarterly report published by the government's Clean Energy Regulator (CER) on Thursday said that between 7.2 and 7.5 gigawatts (GW) of wind and solar-powered electricity generation capacity is expected to be added to the electricity grid in 2024, surpassing the record of 7.16 GW added in 2021.

The report predicted that renewables will account for an average of 45 per cent of Australia's electricity generation in 2025.

Bowen on Tuesday announced that the government has commenced a review into how the National Electricity Market (NEM), which provides power to six of Australia's eight states and territories, will operate in the coming decades.

Courtesy Media Group: IANS