Monique Ryan (Kooyong, Independent) Share this | Hansard source

All of us in this place are representatives of our constituents, but we're also stewards of the future, our children, our economy and our environment. Climate change is no longer a distant threat. It's here now and it's costing us dearly. From the Black Summer bushfires to the devastating floods of Queensland and New South Wales, the bleaching of the coral reefs from the east to the west of the continent and the ongoing destructive algal bloom to our south, Australians are already bearing the brunt of extreme weather events which are intensifying in frequency and severity.

The international panel on climate change has warned of the high risk of loss of ecosystems and biodiversity and of impacts on waterways, coastal systems and forests if we exceed 1.5 degrees warming. Our existing global climate targets are inadequate. The world has to step up and greatly reduce its emissions by 2035. The mounting evidence and the pleas form scientists, farmers, firefighters, young Australians and the business community all demand that the 2035 national targets for emissions reduction are strong enough to meet the scale of this challenge. Under the Paris Agreement, Australia is required this year to set a nationally determined contribution to the reduction of harmful greenhouse gas emissions by 2035.

The science is unequivocal, the global momentum is undeniable and the moral imperative is urgent. Australia has to commit to strong credible and achievable emissions reduction targets for 2035. Strong emissions reduction targets are not a burden; they are an opportunity. They signal to investors that Australia is serious about clean energy, innovation and future-proofed industries. They create certainty for businesses; unlock new jobs in renewables, green hydrogen and sustainable manufacturing; and position us as a leader in the global transition.

Let's be clear. The cost of inaction far outweighs the cost of action. The Climate Change Authority reports that natural disasters have cost this country over $2 billion dollars in the first half of this year. That number is expected to increase to $8 billion a year by the end of this century. Insurance premiums are rising, homes are becoming uninsurable, agricultural yields are under threat and coastal communities face existential risks. Every year we delay, we compound these costs. That's why I'm calling on the Albanese government to set strong emissions reduction targets—targets which align with the science and with our international commitments, targets which aim for at least a 75 per cent reduction in emissions by 2035 and net zero well before 2050, and targets backed by robust policy frameworks, transparent reporting and accountability mechanisms.

We are well supported in this endeavour by the more ambitious targets already set by the states and territories. We are supported by the millions of households who have embraced the energy transition by installing rooftop solar and batteries. Our ambition is achievable; we just need the vision. This is not a partisan issue; it's a national imperative. The decisions we make today will echo for generations. We can choose to lead, to innovate and protect what we cherish. We must set strong emissions reduction targets which reflect the urgency of the climate crisis and the promise of a better future. Let us act, not just for ourselves but for the next generation of Australians, who deserve clean air, a stable climate and a thriving economy.

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