Australia will need to double its decarbonisation rate if it wants to meet its goal of reducing carbon emissions by 26% by 2030.
A PricewaterhouseCoopers (PwC) report stated the country must slash its carbon emissions by 4.4% per year to achieve its target.
That’s nearly double the 2.4% emissions cut on average managed by Australia annually since 2000.
The country’s decarbonisation rate is among the best five countries in the G20, according to PwC.
It added: “In 2013 and 2014 the decarbonisation rate was 4.5% and 4.7% respectively so maintaining that rate could mean hitting the government’s 26% target.”
Although the nation is making progress “there is more work to do”, it said.
PwC added Australia’s energy mix will also need to continue to evolve to keep the country on track to meet its 2030 emissions target.
The report stated: “Energy producers that rely on coal, gas and oil will be very much part of the solution. The key for these businesses will be taking a portfolio view and looking for opportunities to diversify into wind, hydro, solar, and emerging technologies.”