The specific reduction in emissions remains unspecified, with authorities only noting that efforts will align with Australia’s best interests by contributing equitably, taking into account the genuine performance of OECD nations.

To many, the notion of achieving net zero emissions is synonymous with addressing climate change effectively. Thus, if these targets were abandoned and global net zero was not reached, what consequences might follow?

The concept gained traction when the Intergovernmental Panel on Climate Change (IPCC) outlined scenarios emphasizing the critical need to keep global temperature rise below 1.5 degrees Celsius to avoid reaching potentially disastrous “tipping points” that could trigger uncontrollable warming.

Thanks to current international agreements and initiatives, projections suggest a reduction in global warming by at least one degree compared to estimates prior to the Paris Agreement.

Current global agreements and efforts are projected to reduce global warming by at least 1 degree less than projected before the Paris Agreement.

James Hopeward, associate professor in environmental engineering at the University of South Australia, says net zero could also be achieved by reaching absolute zero, where no fossil fuel emissions need to be offset.

He said speed is key, with drastic cuts to emissions needed to reach both the goal and reduce global climate impacts.

What’s at risk if we don’t reach net zero?

The NCRA projects the impact of global warming increases by 1.5C, 2C and 3C, and the strain that these temperature increases would put on everything from agricultural output, to increased drought, higher deaths due to extreme heat, as well as a decrease in property values.

Even if countries achieve net zero and lower global warming by 1.5C, the NCRA projects that Australia will experience an increase in storms, ecosystems such as reefs will be under stress and there’ll be a rise in smoke impacts from bushfire activity and impacts to water security.

Existing 2035 targets account for 74 per cent of global emissions.

Based on current global reduction agreements — which cover roughly 74 of global emissions — Climate Action Tracker, an indpendent scientific project that tracks government action on climate, predicts global temperatures will rise by 2.6C.

“Then businesses and investors, they have more confidence they can invest when they need to, and the whole economy becomes more productive and more efficient.”

Would bills go down if we scrap net zero?