Net Zero

  • 24 May 2024

In May 2024, the Albanese government has proposed legislation to create a Net Zero Economy Authority, aiming to stimulate investment in clean energy technologies to advance the goal of achieving net zero emissions.

  • Early climate discussions emphasized stabilizing greenhouse gas concentrations, leading to the recognition of emissions reduction and compensation mechanisms.
  • The Kyoto Protocol highlighted carbon sinks and introduced carbon offsetting mechanisms, laying the groundwork for "carbon neutrality."
  • Policymakers transitioned to temperature targets, such as limiting warming to 2°C, driven by improved understanding of carbon budgets.
  • Advocates pushed for "net zero" emissions by 2050 as a clear metric for climate negotiations, gaining traction internationally.
  • The Paris Agreement incorporated the goal of achieving a balance between emissions and removal by sinks, enshrining "net zero."