Liberal Party Set to Abandon 2050 Net-Zero target
The Liberal Party is poised to drop its commitment to net-zero emissions by 2050, with a formal proclamation expected following a party room meeting.Shadow Minister for Habitat and Water, Sussan ley, and Shadow Minister for Climate Change and Energy, Dan Tehan, are scheduled to address the media following the decision.
Despite the shift,the party will remain committed to the Paris Agreement,according to sources. The move comes as the International Energy Agency (IEA) declares the ‘Age of Electricity’ has arrived,forecasting a global surge in renewables and a potential resurgence of nuclear energy.
The IEA’s World Energy Outlook 2025 predicts coal demand will peak and fall before 2030, while oil and gas are expected to plateau and then gradually decline – a trend projected to continue despite previous attempts by the Trump governance to bolster those industries.
The IEA report highlights the financial implications of transitioning to net-zero, estimating energy investment will need to increase to around USD$4.8 trillion ($7.34 trillion) annually over the next decade, up from US$3.3 trillion currently. However, the report also suggests that upfront investments will be offset by lower fuel prices and efficiency gains, perhaps keeping energy costs for households comparable to today’s levels through 2035, and even lower in the long term. fuel-importing nations stand to benefit from reduced import bills, potentially by as much as two-thirds.
