A report released by the Clean Energy Council and Green Energy Markets at the COP29 climate conference shows a surge in renewable energy investment since 2015 has reduced Australia's emissions by 30 per cent compared to remaining dependent on coal.
"The emission reductions delivered by the growth of renewable energy since 2015 are equivalent to reducing the emissions from all Australia's cars, light commercial vehicles and aeroplanes to zero," the industry council's chief executive Kane Thornton said.
Some 40 gigawatts of new rooftop solar and large-scale renewable energy capacity has been deployed across Australia, with the share of renewables in the system rising to almost 40 per cent in 2023.
Climate Change Minister Chris Bowen says all major economies must do their part to reduce emissions. (HANDOUT/SMART ENERGY COUNCIL)
By the end of 2025, emissions will be 40 per cent lower, saving 340 million tonnes over the decade from 2015 - the year a political truce was declared, which ushered in a period of policy certainty and investment.
According to the report, if Australia achieves its target of 82 per cent renewable energy by 2030, the total emissions saved since 2015 will reach a staggering 998 million tonnes.
At the COP summit a year ago, Australia joined others in a commitment to triple renewables globally by 2030 but climate negotiators were warned before the latest talks that progress had fallen short.
In response, the COP29 presidency is pushing for a global target of 1500 gigawatts in energy storage and 25 million kilometres of grid infrastructure by 2030 - dwarfing Australia's latest stoush over 10,000km of transmission.
Australia joined the Global Energy Storage and Grids Pledge on Friday to help shift energy to when it is needed and capitalise on the cheapest and most abundant form of energy.
Australia has also announced it would contribute $50 million to a UN fund for developing countries affected by climate change, as it fortifies its bid to co-host the 2026 COP summit with its Pacific neighbours.Â
"Now is the time for action and implementation - and for all major economies to do their part," Climate Change Minister Chris Bowen said.
This will make Australia the sixth largest contributor to the Fund for Responding to Loss and Damage.
Meanwhile the Smart Energy Council on Monday launched the Renewable Energy Council Asia-Pacific to connect the region - the world's leading source of greenhouse gas emissions - with industry and capital.
It brings together players in renewable energy, storage, renewable hydrogen, green metals, sustainable finance and low emissions transport.
"We're powering renewables together with local voices, local solutions and local action," Smart Energy Council chief executive John Grimes said from Baku.
