Australia’s emissions have increased every year since 2014, when the Australian Government became the first country to repeal a national carbon pricing system. Government projections from December 2018 show under the current suite of policies national emissions will continue to increase, rather than decrease. The projections also show Australia is not on track to meet its emission reduction target of 26% by 2030 from a 2005 baseline.
Instead of addressing rising emissions with credible policy, the Government opted for an easier route. The Government plans meet its Paris target by using ‘surplus’ credits accrued under from the Kyoto Protocol (KP). KP is the previous climate treaty, covering 2008 to 2020. If countries ‘overachieved’ on their targets in one period of KP, the country was credited with this overachievement and had limited scope to ‘carry-over’ these credits to reduce effort required in the next period.