Australia now has an effective net-zero emissions by 2050 target.
The Morrison government has a commitment under the Paris Agreement to net-zero emissions in the second half of the century.
But the Northern Territory became the last jurisdiction in the country to commit to net-zero by 2050, in announcing its climate change response on Thursday.
“Every state and territory has now adopted a net-zero target, meaning Australia now has a de facto national net-zero target,” Climate Council CEO Amanda McKenzie said.
“The national net-zero target is a message to all investors. Australia will be out of fossil fuels by 2050.”
The announcement came as one of Australia’s biggest industry superannuation funds plans to sell down its investments in thermal coal miners in a bid to protect its members from the financial impact of climate change.
First State Super, which has more than $120 billion under management, on Thursday updated its plans to support a low carbon emissions economy.
It argues climate change poses one of the most significant risks to the retirements savings of Australians.
Super funds must act now to ensure they can provide members with a better financial future, First State Super CEO Deanne Stewart said in a statement.
Under its plan, First State will divest from businesses that derive more than 10 per cent of revenue from thermal coal mining from October this year.
It also wants to cut its listed equities investments to meet an internal target to cut greenhouse gas emissions by at least 30 per cent by 2023.
At the same time, First State said it would agitate for an economy-wide 45 per cent reduction in emissions by 2030.
The Morrison government is working on a technology roadmap to steer investment in renewable energy over coming years.
And it is expected a “low emissions technology statement” will be delivered to parliament shortly outlining the government’s priorities.
Australian Associated Press