Australia has witnessed a significant reduction in greenhouse gas emissions, with the September 2023 quarter showing a decline compared to the same period in 2022. The Quarterly Update of Australia’s National Greenhouse Gas Inventory, released recently, indicates that the country’s emissions are now 25.4% below the levels recorded in June 2005, the baseline year for its Paris Agreement targets.
Decrease in Total Emissions
Total emissions across all sectors stood at 459.7 million tonnes, reflecting a 0.5% reduction (2.2 million tonnes less) compared to the previous September quarter. The electricity sector experienced a notable reduction of 4.9% in emissions, equivalent to 7.7 million tonnes, driven by the growing share of renewables.
Impact of Renewable Integration
The increasing adoption of renewable energy has not only contributed to emission reductions but has also played a significant role in lowering electricity prices. In the third quarter of 2023, wholesale prices witnessed a remarkable 71% decrease compared to the previous year.
Government Reforms and Future Projections
Government reforms, specifically the Albanese Government’s changes to the Safeguard Mechanism, are expected to result in further emission reductions over the medium and long-term. These reforms are anticipated to avoid over 200 million tonnes of greenhouse gas emissions by 2030.
Sector-Specific Analysis
While industrial processes showed a 0.5% decrease, fugitive emissions saw a notable decline of 2.3%, equivalent to over 1 million tonnes of CO2 equivalent. However, the transport sector experienced a 4.5% increase in emissions, and agriculture recorded a 2.5% rise, partly attributed to the ongoing recovery from the COVID-19 pandemic and favorable agricultural conditions.
Government’s Perspective
Minister Bowen emphasized that Australia’s transition to renewables has not only led to emission reductions but has also contributed to a substantial decrease in wholesale electricity prices. He highlighted the government’s commitment to investing in cleaner and more affordable power for a resilient and sustainable economy.
Source：https://www.miragenews.com
