It builds on the legislated 43 per cent reduction target for 2030, and the national commitment to reach net zero by 2050. We have gone for the maximum level of ambition that is achievable.”A closer look at the targetThe new 2035 target sits between Australia’s mid-term 2030 obligations and its long-term 2050 net zero commitment. The announcement was coupled with the release of the updated Net Zero Plan (read the plan here), which outlines pathways for energy, transport, industry, and agriculture. $2 billion boost for the Clean Energy Finance Corporation (CEFC) , tasked with easing electricity costs and financing large-scale renewable projects. Coal and gas jobs are expected to decline, but the government points to new roles in clean energy, hydrogen, and critical minerals.