Australia Introduces Renewable Hydrogen Tax Credit, Aims for 43% Emissions Cut by 2030, 42.6% Below 2005 Levels

Nov 27, 2024, 01:18 AM

Australia's government is advancing its climate agenda with a new bill aimed at introducing a tax credit for renewable hydrogen production. This initiative comes as the Climate Change department projects that Australian emissions will be 42.6% below 2005 levels by 2030. Climate Change and Energy Minister Chris Bowen expressed confidence in achieving the country's emissions targets, which include a commitment by the Labor party to reduce emissions by 43% from 2005 levels by 2030. Additionally, new emissions targets for 2035 are expected to be announced by February next year. Despite concerns regarding the pace of the renewable energy rollout, the government maintains that it is on track to meet its goals.