Labor unveils Powering Australia plan

WHAT IS IN LABOR'S POWERING AUSTRALIA PLAN?

Labor leader Anthony Albanese has released his party's emissions policy just weeks after the COP26 summit and months out from a federal election with climate change being a key issue.

KEY PROMISES

* Reduce Australia's emissions by 43 per cent on 2005 levels by 2030.

* Net zero emissions by 2050.

* Creation of 604,000 jobs, with five out of six new jobs to be created in the regions.

* Expected $76 billion of investment.

* Power bills for families and businesses to be cut by $275 a year by 2025, compared to today.

* Australia will seek to host the COP29 climate summit.

HOW WILL IT ACHIEVE THE PROMISES?

* Upgrade the electricity grid to fix energy transmission and drive down power prices.

* Make electric vehicles cheaper with an electric car discount and Australia's first National Electric Vehicle Strategy.

* Uses the existing safeguard mechanism and only covers facilities already part of that scheme.

* Allocates up to $3 billion from Labor's National Reconstruction Fund to invest in green metals (steel, alumina and aluminium), clean energy component manufacturing, hydrogen electrolysers and fuel switching, agricultural methane reduction and waste reduction.

* Direct financial support for measures that improve energy efficiency within existing industries and develop new industries in regional Australia through a new Powering the Regions Fund.

* 85 solar banks around Australia to ensure more households can benefit from rooftop solar.

* 400 community batteries across the country.

* Reducing the Australian Public Service's emissions to net zero by 2030.

* Restoring the role of the Climate Change Authority, while keeping decision-making and accountability with government and introducing new annual parliamentary reporting by the minister.

(Source: Powering Australia document)