Sydney, Sep 18 : The Australian government on Thursday committed to cutting the country's greenhouse gas emissions by 62 to 70 per cent from 2005 levels by 2035 under its new climate target.

Prime Minister Anthony Albanese announced the long-awaited 2035 emissions reduction target on Thursday, describing it as the "right target" to protect Australia's environment and to protect and advance the economy.

"This is a responsible target supported by science and a practical plan to get there and built on proven technology," he said at a press conference.

According to government data published in August, Australia's greenhouse gas emissions were 28 per cent lower in the year to March 2025 than in 2005.

Albanese's Labor government previously committed to cutting emissions by at least 43 per cent from 2005 levels by 2030, which it says it is on track to achieve, reports Xinhua news agency.

The 2035 target is based on advice from the Climate Change Authority (CCA), the federal government's independent expert advisory body on climate policy.

Matt Kean, chair of the CCA, said on Thursday that he is "hopeful" that Australia can over-achieve on the 2035 target.

He said that the agency set a flexible target in order to be flexible with global uncertainty.

"We have looked at providing a target that will future-proof our industries, future-proof our economy, and future-proof our way of life and the planet," Kean said.

Treasurer Jim Chalmers said on Thursday that modelling conducted by the Treasury Department found that Australia's economy can be a "big beneficiary" if the government continues to take decisive action and set clear targets.

In addition to the 2035 target, Albanese also announced on Thursday over eight billion Australian dollars (5.3 billion USD) in new government spending to help drive down emissions.

The funding includes an additional 2 billion AUD (1.3 billion USD) for the Clean Energy Finance Corporation (CEFC), the government agency responsible for facilitating increased flows of finance into clean energy projects, and 5 billion AUD (3.3 billion USD) for a new Net Zero Fund that will help industrial facilities decarbonise.

Another 1.1 billion AUD (731.3 million USD) has been committed to encourage more production of clean fuels in Australia.

Chris Bowen, the minister for climate change and energy, said that the clean energy transition represents a major economic opportunity for Australia.

"Today the Albanese government decided to seize that opportunity," he said.

Prior to Thursday's announcement, environmental groups had called for the government to set a 2035 emissions reduction target of at least 75 per cent from 2005 levels, while business groups had advocated for a target not exceeding 70 per cent.

Greenpeace Australia Pacific said on Thursday that the 62-70 per cent target "undermines" global action to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

Bran Black, chief executive officer of the Business Council of Australia (BCA), said that the 2035 target was ambitious and would require significant capital investment, major reform and exceptional collaboration between the public and private sectors.

Speaking earlier on Thursday, Sussan Ley - the leader of Australia's conservative opposition - said that the government must be upfront about the cost of meeting the 2035 target.

Australia's 2035 emissions reduction target will be formally submitted later in September at the United Nations General Assembly.

/IANS