Australia submitted its first Biennial Transparency Report (BTR) on 19 December 2024. The report is a new requirement as a party to the Paris Agreement.Australia’s timely submission reaffirms its commitment to global transparency on climate action. It is the first BTR submission under the Enhanced Transparency Framework. Australia’s BTR demonstrates the action Australia is taking to meet climate commitments. BTRs help to track global progress towards the Paris Agreement goals. This Includes efforts to limit the global average temperature increase to 1.5°C above pre-industrial levels.Key highlights Australia is on track to meet its emissions targets. With current policies and measures Australia is projected to beat its 2030 target, on a budget basis. Cumulative emissions from 2021 to 2030 are projected to be 3% below the budget for this period. Australia’s emissions are projected to be 42.6% below 2005 levels in 2030. This is just shy of the 2030 single-year point target of 43%. Renewables accounted for 38% of total electricity generation in Australia’s largest electricity grid in 2023–24. This is an increase from 21% 5 years ago.Australia’s energy system is moving towards 82% renewable electricity generation by 2030. Major programs like the Capacity Investment Scheme and Rewiring the Nation are supporting progress. Reforms to the Safeguard Mechanism have been in place for one year. Australia’s emissions projections show the legislated Safeguard Mechanism outcomes will be met.The Future Made in Australia plan will support investment in new clean energy industries. These include green metals, renewable hydrogen and low carbon liquid fuels. A National Climate Risk Assessment will help prioritise the things that Australians value the most that are at risk from climate change. Our National Adaptation Plan will establish a framework for addressing these priority climate risks.Australia’s climate finance provided and mobilised over $1 billion in 2020–21 and 2021–22. Australia has since strengthened this commitment and is expecting to deliver $3 billion in climate finance by 2025.Read the report on the UNFCCC website.Read moreAustralia’s reporting requirements to the UNFCCC.
Brief
On December 19, 2024, Australia submitted its first Biennial Transparency Report to the United Nations Framework Convention on Climate Change. This report is a requirement for parties to the Paris Agreement and demonstrates Australia's commitment to global transparency on climate action. The report highlights Australia's progress towards meeting its emissions targets, with current policies and measures projecting a 3% reduction in cumulative emissions from 2021 to 2030 compared to budget levels.
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Purpose
Australia’s submission of its first Biennial Transparency Report (BTR) on December 19, 2024, marks a significant milestone in the country’s commitment to global transparency on climate action. This new requirement as a party to the Paris Agreement demonstrates Australia’s dedication to tracking progress towards the agreement’s goals, including limiting the global average temperature increase to 1.5°C above pre-industrial levels.
Effects on Industry
The timely submission of Australia’s BTR is expected to have a positive impact on the country’s transition to a low-carbon economy. The report highlights Australia’s efforts to meet its emissions targets, with current policies and measures projected to beat the 2030 target on a budget basis. This achievement demonstrates the effectiveness of Australia’s climate action plans and provides a roadmap for other countries to follow.
Relevant Stakeholders
The BTR submission is relevant to various stakeholders, including businesses, governments, and individuals concerned about climate change. The report provides insights into Australia’s climate finance, with the country expecting to deliver $3 billion in climate finance by 2025. This information is crucial for investors, policymakers, and civil society organizations seeking to understand the country’s commitment to addressing climate change.
Next Steps
To build on the momentum from the BTR submission, Australia plans to implement various initiatives. These include the Future Made in Australia plan, which will support investment in new clean energy industries such as green metals, renewable hydrogen, and low-carbon liquid fuels. The National Climate Risk Assessment will help prioritize climate risks, while the National Adaptation Plan will establish a framework for addressing these priority climate risks.
Any Other Relevant Information
In addition to the initiatives mentioned above, Australia’s BTR submission highlights the country’s progress in increasing its reliance on renewable energy sources. With renewables accounting for 38% of total electricity generation in Australia’s largest electricity grid in 2023-24, the country is moving towards 82% renewable electricity generation by 2030. This achievement demonstrates the effectiveness of Australia’s climate policies and provides a model for other countries to follow in their transition to low-carbon economies.
