Any week now, Australia will set its 2035 emissions target. It must signal the nation’s strong ambition on climate action, to drive policy and investment. And it must avoid being seen as either unrealistic or too costly. The decision is not an easy one for Prime Minister Anthony Albanese and his cabinet.

If any Australian government has had a clear runway for ambitious climate policy, it is this one. A successful first term, and a landslide win in an election partly fought over climate and energy policy, gives the Albanese government an opportunity for a lasting legacy.

But the tightrope the government must walk spans a wide gulf. The Climate Change Authority’s draft advice floated emissions reduction of 65-75% by 2035. Environment groups are gunning for the high end of the range; some business groups agree, but others won’t.

Yet even a 65% target, at the low end of the range, would mean halving Australia’s current emissions.

The challenge is formidable – but now is not a time for timidity on Australia’s climate policy.

Under the Paris Agreement, Australia’s 2035 emissions target is due by the end of September.

Our 2030 target is a 43% emissions reduction, based on 2005 levels. Australia is far from reaching that goal. It can still be achieved, but quick, drastic change is needed.

Australia’s national emissions are at around 28% below 2005 levels. They fell 1.4% over the last year, to almost the same level as three years ago.

Any emissions reduction target of 60% or more for 2035 will be highly ambitious. It would require deep, rapid emissions cuts across the economy.

But it’s technically possible. And it’s desirable economically – to attract investment and position Australia for long-term success.

The main question is not precisely what 2035 target the government sets. Rather, it’s whether the government follows through – with stronger and........

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