Last week saw the historic passage of new climate change legislation in Australia. The new law shows how determined Australia is to put our ambitious climate commitments into action. It also provides a platform from which to strengthen our leadership internationally.
With its new government, Australia is committed to listening. The message from our regional partners is crystal clear. Climate change is not an abstract threat, but an existential one. We recognize that climate change is one of the most urgent and pressing issues of our time.
Climate Change legislation is the bedrock on which Australia's climate policies rest. Raises the country's commitment to reduce greenhouse gas emissions by 43 percent from 2005 levels by 2030, and to achieve net-zero emissions by 2050, into law. Provides a framework to accelerate investment in renewable energy, transmission and energy storage.
By enshrining our climate goals in law, Australia is providing certainty and confidence to industry and investors. In this way, we are sending the strongest possible signal about our commitment to decarbonise our economy and become a powerhouse in renewable energies. We will also gradually and predictably reduce emissions from Australia's largest emitting industrial facilities. This will support our international competitiveness and economic growth, consistent with our companies' own commitment to achieve net-zero emissions by 2050.
In our transition to zero emissions, Australia is set to invest A$20 billion to modernize our electricity grid, increase the share of renewables in our National Electricity Market to 82 per cent by 2030, and introduce our first strategy for the electric vehicle. We're installing hundreds of community batteries and solar power banks across the country, as well as supporting renewable-powered manufacturing and low-emission technology deployment.
We understand that our friends and allies have been frustrated by Australia's position in the past. Passing this legislation is a step forward in achieving our shared aspirations.
Australia supports the continued alliance and strategic collaboration with our allies in the United States and Europe. Having established our renewable potential during this global energy crisis, we want to provide clean, affordable and secure energy to our partners.
The European Union and Australia are indispensable partners on the path to decarbonisation. For years now, we have seen world-class Australian technologies – from wave power to hydrogen battery storage – help Europe on its path to net-zero emissions. There is no doubt that Australian technologies, skills and know-how will continue to make essential contributions to the creation of low emission technology and the development of renewable energy supply chains around the world. We are also committed to concluding a free trade agreement with the EU as soon as possible, while exploring new possibilities for cooperation on energy and climate change through such an agreement.
Australia is also focusing its climate cooperation on various bilateral partnerships across Europe. Renewable energy collaboration between Australia and Spain is growing rapidly, driven by reciprocal investments. Australia and Germany are making progress in their efforts to accelerate the development of the hydrogen industry, thus creating new economic opportunities and jobs, while reducing emissions. We are also embarking on a new chapter in our bilateral relations with France, in which climate action forms one of the three pillars of our agenda.
Internationally, we want to co-host a United Nations Climate Change Conference with our Pacific partners. This would be the first Climate Conference of its kind with two hosts: a developed country and a developing country. Our hope is that by working together, we can spur climate action and ambition on a global scale, while showcasing the views and challenges of our region.
In July, Australia hosted the inaugural Sydney Energy Forum, in conjunction with the International Energy Agency. The Forum brought together leaders from industry, finance, academia, and government, including energy ministers from India, Indonesia, Japan, Samoa, and the United States, to identify common challenges and opportunities, as well as a series of practical actions for industry and governments. In September, Australia will host the Conference
Ministerial on Disaster Risk Reduction in Brisbane. This conference will bring together ministerial representatives from up to 40 Asia-Pacific countries, pooling knowledge and experience to reduce the initial risk of disasters before they strike. We are very proud that this is the first time that our Pacific family has been officially included in this conference.
We look forward to further advancing our dialogue to collectively achieve scale, diversity and security of clean energy supply chains in the Indo-Pacific region, through initiatives such as the Indo-Pacific Economic Framework for Prosperity.
Our Climate Change legislation sends out a simple but powerful message, both at home and abroad. Australia is back.
