Australia’s New 2035 Climate Target: Progress, But Not the Ceiling
Australia has announced its 2035 climate target this month: 62–70% reduction in emissions below 2005 levels. On the surface, this represents a step forward, a clear recognition that the climate crisis demands stronger ambition. Yet, it falls short of what scientists, business leaders, and communities have been calling for, being at least a 75% cut by 2035.
Why the number matters
A 7 in the number isn’t just symbolic, it signals that collective pressure is working. Through the Business for 75 coalition, more than 500 businesses, including us, urged the government to raise its ambition. While the target isn’t everything we hoped for, it shows that sustained advocacy can and does move the dial.
Australia has also backed the target with significant funding commitments:
$5 billion Net Zero Fund to help industries decarbonise
$2 billion for the Clean Energy Finance Corporation
$1.1 billion for clean fuel incentives
$85 million to improve household and business energy efficiency
$40 million for EV charging infrastructure
$50 million to help sports clubs cut emissions
These measures will help accelerate decarbonisation across sectors, but the reality is clear: the costs of inaction remain far greater than the costs of action.
Falling short of boldness
This new target is progress, but it cannot be the ceiling of Australia’s ambition. The urgency of climate change demands courage.
If we are serious about protecting lives, prosperity, and intergenerational fairness, Australia must move beyond 62–70% and commit to at least 75% emissions cuts by 2035. That’s the level of ambition the science requires, the economy is ready for, and the public deserves.
A turning point for business and finance
To truly unlock opportunity, we need structural courage. This means no new coal or gas approvals and a full-throttle pivot to zero-emissions industries of the future. We need leadership that meets the scale of the challenge, bold targets, decisive action and unwavering focus on building a fair, sustainable, and prosperous future.
At UNLESS Financial, we’ll continue to use our voice alongside businesses, communities and investors calling for stronger ambition, while directing capital towards investments that truly make a difference.
