Climate back on the political agenda in Australia

The Australian Labor Party (ALP), which won the country’s federal election on 21 May 2022, ran on the platform of reducing emissions and pursuing a net-zero-by-2050 agenda. The party's plan, which has been reflected in Australia’s updated national commitment under the Paris Agreement, states that the new target will be reducing emissions by 43% by 2030 and achieving net zero by 2050. On the campaign trail, new prime minister Anthony Albanese cited ALP’s plan to transform Australia into a renewable energy superpower. The impact of Australia’s new political attitude towards climate change on the financial sector, and the super funds in particular, is unclear, but achieving the scale of reductions set by the ALP is certainly an ambitious goal.