Bids on the next emissions reduction milestone are being tallied by the federal climate advisor as Australia prepares to update its targets.
Declared levels for 2035, as a milestone to net zero carbon emissions by mid-century, are required under the Paris Agreement to limit global warming to well below 2C.
Australia’s emissions must be reduced by more than 70 percent by 2035, compared to 2005 levels, the Carbon Market Institute (CMI) has told the Climate Change Authority.
A jet fuel emissions trading scheme for all domestic airlines and a special scheme for heavy vehicles are among CMI’s recommendations to achieve the target.
Big polluters are already using carbon credits to buy them time to develop cleaner industrial technology and commercially viable alternative fuels….