Australia and New Zealand risk falling behind in the global race to attract private capital investment in net zero emissions industries and infrastructure, suggests new analysis by the Investor Group on Climate Change (IGCC).

Analysis by the IGCC shows the new US target to reduce its greenhouse gas emissions by 50-52% by 2030 is now one of the strongest emissions reduction commitments amid the G20, only slightly behind what has been adopted by the United Kingdom and European Union (EU) nations. Japan and Canada, key trading partners and allies of Australia and New Zealand, also strengthened their emissions reduction goals for the end of the decade.

IGCC analysis covers and finds:

• National record on achieving past international emissions targets and current policy projections against existing 2025/30 targets: Independent analysis shows most countries have achieved their past emissions targets and are on track to achieve their 2025/2030 targets. Australia, South Korea, Mexico and the US are not yet on track to achieve the targets they committed to in 2015.
• Commitment to updating targets in line with agreements made in Paris: In advance of COP26, countries have agreed to review and update their 2030 emissions targets and put in place a long-term strategy to achieve net zero emissions. Australia has currently not committed to updating their 2030 target in line with the objectives of the Paris Agreement and unlike its major trading partners has not committed to net zero emissions by mid-century.
• Per capita emissions and the emissions intensity of the economy if 2030 target is achieved: In 2030, Australia’s per capita emissions would be the third highest among the G20 after Saudi Arabia and Russia. New Zealand would have the fifth highest per capita emissions when compared to G20 nations.
• Comparison of targets vs 1990 and 2005 emissions: Australia and New Zealand’s emissions targets are weak compared with relevant G20 countries except Russia. They fall well behind the targets of the EU, UK and the US. Australia’s target is around 30 per cent lower than the average emissions reductions of its international peers.

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