First Australia carbon budget balances climate risks
25 Oct 2022
For the first time, the Australian government must work within a financial budget and a carbon budget. Treasurer Jim Chalmers has confirmed his first budget, due out on Tuesday, will include a major analysis of the impact of climate on Australia's economy.
Emission reduction targets of 43 per cent by 2030 and net zero by 2050 became law last month, setting the carbon budget. Labor's upgraded nationally determined contribution for Australia limits emissions to 4381 million tonnes across those years, according to the document submitted to the United Nations.
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