Australia commits to cut greenhouse gas emissions by 43%

Australia's new government on Thursday formally committed to a more ambitious greenhouse gas reduction target of 43% by the end of the decade in fulfillment of a key election pledge.Albanese said legislation to enshrine the new target in law would be introduced to the new Parliament which will sit for the first time on July 26.

However, the target did not depend on Parliament's approval.Investment in Australia's energy sector had been held up during the previous government's nine years in power due to the administration's failure to agree on a climate policy, Albanese said.Albanese's government could face pressure in a new, greener Parliament to adopt an even more ambitious target. Australia is one of the world's largest exporters of coal and liquefied natural gas, which makes reducing dependence on fossil fuels a politically vexed issue.