Australia 2023 Energy Policy Review
Since the IEA’s last review in 2018, Australia has significantly raised its climate
ambitions, with the 2022 Climate Change Act doubling the target for emissions reductions
by 2030 and setting the goal of reaching net zero emissions by 2050.
To match these increased ambitions, Australia is seeking to update its existing strategies,
starting with the preparation of a new emissions reduction plan for 2050. Emission
reductions and energy efficiency improvement rates need to double by 2030, and further
steps will be required to achieve the government’s clean electricity target. Such
efforts would support both climate and energy security goals.
To support its clean energy transition, Australia needs to strengthen its resilience
to supply disruptions across all fuels, whether from climate change impacts or global
energy price shocks. Flexibility, fuel availability and resilient infrastructure will
become even more vital as Australia’s energy system incorporates very high shares
of variable renewables and is likely to face more frequent and more extreme weather
events. Gas market reforms can help ensure energy security during the transition.
In this report, the IEA provides energy policy recommendations to help Australia effectively
manage the transformation of its energy sector in line with its goals.
Published on April 19, 2023
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