Australia's recent announcement of ambitious climate targets has reignited discussions about the country's approach to reducing emissions. The government aims to cut emissions by up to 70% by 2035, a goal that some experts believe is achievable despite the challenges ahead.

Anna Skarbek, CEO of ClimateWorks, a policy group at Monash University, stated that their modeling indicates Australia could achieve an 85% reduction in emissions by 2035 using existing technologies. "The technologies that are available. They're not yet widespread commercially in all cases, and that's the work ahead of us," she said. Skarbek emphasized that while the necessary technologies exist, they are not yet deployed across all sectors of the economy.

Opposition Leader Sussan Ley criticized the modeling behind the targets, calling it "fantasy land." This criticism reflects a broader sentiment that echoes the climate debates of a decade ago. However, the business community appears to be more supportive of the targets. Innes Willox, chief of the Australian Industry Group, acknowledged the challenges but noted that the target is feasible. "While it is not straightforward to achieve, it is also in the realm of the feasible — with hard work and a tight focus on making Australia a place where it is easy to invest and to build," he said. Willox urged for a focus on practical measures rather than prolonged political disputes.

The conversation around emissions reduction is also influenced by global trends. A coalition of companies, known as Business for 75, has called for a target of 75% emissions cuts, highlighting the economic benefits of aggressive climate action. Their modeling suggests that significant reductions are possible within the next decade.

To meet its 2035 target, Australia will need to see a substantial increase in electric vehicle (EV) sales. Current projections indicate that half of all cars sold in Australia over the next decade must be electric. This goal may seem ambitious, but countries like Norway, where 97% of new cars are electric, serve as a model. The Australian government has announced a $40 million investment to expand EV charging infrastructure, addressing one of the major barriers to EV adoption.

Renewable energy is gaining traction in Australia, with one in three homes now equipped with solar panels. The rollout of household batteries is also accelerating, with over 43,000 batteries installed in the first two months of a government subsidy program. According to Origin Energy, home batteries could reduce CO₂ emissions by 21 million tonnes by 2035, contributing to a 3.4% reduction in Australia's greenhouse gas emissions.

Despite challenges such as delays and cost overruns in large-scale renewable projects, the transition to renewables is underway. Research indicates that a significant majority of people in regional Australia support renewable energy initiatives.

While some critics argue that Australia's efforts are insignificant compared to China's emissions, the situation is more nuanced. China, the world's largest emitter, is also a leader in renewable technologies, having installed as much solar capacity as the rest of the world combined. Under the Paris Agreement, China has pledged to peak its emissions before 2030, with indications that it may achieve this goal ahead of schedule.

As Australia navigates its climate targets, the costs of inaction are becoming increasingly apparent. The National Climate Risk Assessment has highlighted the rising costs of natural disasters, which average $38 billion per year. This underscores the urgency for Australia to take meaningful action on climate change.