Figures to be released to federal parliament show Australia is almost on track to meet its legislated 2030 target for reducing greenhouse gas emissions.

The nation’s emissions are projected to be down 42.6 per cent by 2030 under existing government policies, which is a smidgen shy of the legislated target of 43 per cent but better than the 37 per cent projected a year ago. 

Also signalling an improving trajectory on harmful pollution, total net emissions are projected to be three per cent below the nation’s 10-year carbon budget, according to the annual climate change statement due out on Wednesday.

Climate Change and Energy Minister Chris Bowen will tell parliament the nation is on track to beat its legislated emissions budget by 152 million tonnes over the 10 years to 2030, which is equivalent to Australia’s entire electricity sector emissions in 2024.

Australia’s latest figures include the impact of a new vehicle efficiency standard for cheaper-to-run cars, progress towards the 82 per cent renewable energy target, and a revamped safeguard mechanism to control industrial emissions.

“We know action on climate change is not only a moral imperative but critical for Australian industries to remain competitive, create jobs in the regions and export clean energy to the world,” Mr Bowen told AAP.

The 2024 projections provide the latest estimates of future emissions, calculated using the Paris Agreement’s agreed rules on climate accounting.

Mr Bowen insisted that Australia’s 43 per cent target was “ambitious but achievable” but the coalition has slammed the 2030 target and plans to dump it if elected in 2025.

Opposition Leader Peter Dutton has flagged more gas generation and extensions for coal-fired power plants to keep the lights on, as well as longer-term plans to add nuclear power to the energy mix for a lower carbon electricity grid.

“The coalition can’t even name a 2030 target, let alone achieve it,” Mr Bowen said.

But with Australia’s next national contribution to a global goal due with the United Nations within months, both major parties are on a deadline to commit to a 2035 target.

A federal climate advisory body has said Australia must cut emissions by an “achievable” 75 per cent in the next decade to help limit global warming to 1.5C.

Mr Bowen on Tuesday announced a review of the National Electricity Market that critics said must deliver a better deal for consumers as well as the exit of fossil fuels.

“Australia desperately needs a new deal in energy markets that puts consumers on the same footing as institutional investors and big energy companies,” Rewiring Australia spokesman Dan Cass said.

“Consumers are the biggest and most reliable investor in new energy capacity through solar, batteries, electric appliances and electric cars.”

This post was originally published on Michael West.