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In state news, Victoria has just announced a new emissions reduction target.

During a press conference this morning, Premier Daniel Andrews announced the new target of cutting emissions by 75 to 80 per cent by 2035.

Victorian Prime Minister Daniel Andrews.Credit:Luis Enrique Ascui

Andrews says this is the most ambitious target for 2035 of any state (the ACT has a target of cutting emissions by 65-75 per cent by 2030, and 90 per cent by 2040).

Victoria’s previous target was a 45 to 50 per cent cut to emissions by 2030. In NSW, the state government hopes to reduce emissions by 50 per cent by 2030.

Victoria, NSW and the ACT hope to achieve net zero emissions by 2045 to 2050 (depending on the region).

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The other key takeaway from this morning’s press conference was that the Victorian Labor has pledged to bring back what’s known as the State Electricity Commission (SEC) in a bid to revive government ownership of energy assets.

Over the past few decades, the trend among state governments has been to place power plants in private hands.

The Andrews government says it will spend at least $20 million to revive the SEC and establish an office in Morwell, east of Melbourne. As some of you may know, Morwell – in Victoria’s La Trobe Valley – is near the Loy Yang A coal-fired power plant. The plant’s owner, AGL, recently announced that it will close in 2035 (a decade earlier than previously expected).