Andrew Forrest-backed renewables developer Squadron Energy pushes Labor for 75pc emissions cut by 2035

Australia must submit its updated 2035 target under the Paris Agreement in coming months. This is emerging as a political flashpoint and Squadron Energy’s CEO says anything less is a cop-out.

Rob Wheals, chief executive of Squadron Energy.

The boss of Andrew Forrest’s renewables company has urged the Albanese government to legislate a 75 per cent cut in emissions by 2035, heaping pressure on Labor to adopt a more ambitious climate target.

Australia must submit its 2035 goal to the United Nations under the Paris Agreement in the coming months. The decision is shaping up as a political flashpoint, pitting calls for stronger action from companies like Squadron Energy against a private sector resistant to hastening a transition that has already proved expensive and uneven.

Squadron chief executive Rob Wheals said Australia should aim for a 75 per cent emissions reduction target over the next decade, aligning himself with green groups and climate policy experts.

“To achieve great things, we need ambitious goals. A 75 per cent target sends a clear signal that Australia is serious about decarbonising,” Mr Wheals said.

Rob Wheals at the Clarke Creek Wind Farm, 150km northwest of Rockhampton. Picture: Charlie Peel

“As a developer and long-term owner of renewable energy and low emissions infrastructure, we know the critical role this sector plays in building the new energy system. A legislated target aligned to 1.5C will give investors and industry the confidence they need to get on with the job.”

The Paris framework aims to keep global temperatures from rising more than 1.5C.

Backed by iron ore magnate and Fortescue billionaire Andrew Forrest, Squadron is the country’s largest renewable energy developer with a portfolio of wind, solar and storage projects aimed at accelerating the energy transition.

The intervention from Mr Wheals comes days after United Nations climate chief Simon Stiell called the 2035 target “a defining moment” for the country’s climate credibility.

“You know half measures will destroy property and infrastructure, hammer households, bankrupt regions, and punch holes in public budgets,” Mr Stiell said.

The federal government is yet to receive formal advice from the Climate Change Authority, now chaired by former NSW Liberal treasurer Matt Kean. Its recommendation is expected within weeks.

Mr Kean has indicated a target somewhere between 65 and 75 per cent. But even at the lower end, it would require structural changes to the economy, especially in sectors such as industry, transport and agriculture that have yet to make meaningful cuts to their emissions.

Australia’s existing 2030 target of a 43 per cent reduction from 2005 levels will largely be achieved through the transformation of the electricity sector.

However, that is partly the result of ageing coal-fired generators inevitably reaching the end of their technical life.

Progress beyond 2030 will be far more difficult. It would necessitate sweeping reforms, substantial investment in clean industrial technologies, and a major shift in how households and businesses consume their energy.

It would also reignite debate over fiscal support for emissions-intensive sectors which are major employers.

Australia remains one of the world’s largest per capita emitters. Curtailing emissions at the scale required by a 75 per cent target would also invite new carbon pricing mechanisms or incentives to drive investment in decarbonisation.

Labor is expected to begin formal consultations once the Climate Change Authority’s advice is delivered. While ministers have signalled support for ambition, the government is under pressure to strike a balance between climate leadership and economic pragmatism.

It will also determine whether it can meet its net zero commitment by 2050.

Originally published as Andrew Forrest-backed renewables developer Squadron Energy pushes Labor for 75pc emissions cut by 2035