The Federal Government’s 2035 emissions targets have been released in the Net Zero Plan, targeting a reduction of between 62 per cent and 70 per cent below 2005 levels.

The targets, which were widely expected to fall somewhere between 65 per cent and 75 per cent, come days after the release of the first National Climate Risk Assessment, and with a 2050 goal of net zero emissions.

Among new funding released in support of the targets is a $5-billion Net Zero Fund within the National Reconstruction Fund, aimed at decarbonising industrial facilities, and scaling renewables and low-emissions manufacturing.