Prime Minister Anthony Albanese announces 2035 climate target

Mr Albanese and Climate Change Minister Chris Bowen handed down Labor's updated climate target on Thursday after it was approved during a cabinet meeting.

"This is a responsible target supported by science and a practical plan to get there and built on proven technology," Mr Albanese said.

"It is the right target to protect our environment, to protect and advance our economy and jobs and to ensure that we act in our national interest and in the interest of this and future generations."

Australia will submit its new goal ahead of the COP30 climate summit to be held in Brazil in November.

Labor said its plan to cut emissions by 62-70 per cent had been informed by a national climate risk assessment released earlier this week, which warned that 1.5 million Australians will be at high risk from cyclones, flooding and erosion by 2050 under current levels of global heating.

Mr Bowen argued that the government's goal was ambitious, arguing that a higher emissions target was not practical.

"A target over 70 is not achievable; that advice is clear. We have gone for the maximum level of ambition that is achievable," he told journalists in Sydney.

In addition to the climate target, the government has announced $5 billion to establish a Net Zero Fund within the National Reconstruction Fund to help industries decarbonise.

A further $2 billion was allocated for the Clean Energy Finance Corporation, with another $1.1 billion already announced to encourage the production of clean fuels in Australia.

The government has allocated $40 million to accelerate the rollout of electric vehicle chargers, $85 million for tools to help households and businesses improve their energy performance, and $50m for sports clubs.

Labor's emissions target is higher than comparable countries such as Canada and the UK, but falls below a target of at least 70 per cent, which climate groups had called for to help keep global warming to 1.5 degrees Celsius.

The Greens, whose support will be required for Labor to pass its legislated 2035 target, described the figure as "abysmal" and urged the government to reconsider.

"Labor has given up on the science and listened to their coal and gas donors - who are making massive profits, many paying no tax, while everyday people, families, and businesses pay the price," Greens leader Larissa Waters said during a press conference.

ACT senator David Pocock, who previously called for a target of 75 per cent, said Labor's plan "feigns ambition" and was not aligned with the latest research on climate change.

"Climate change is something we should be listening to climate scientists on and you can't tell me it's too hard," Senator Pocock said on Thursday afternoon.

The Coalition, which remains deeply divided on its climate targets for 2050, said it opposed the government's "fantasy" emissions goal and demanded that more details on its price impacts be released.

"I can assure you there was absolutely no division in opposing Labor's latest piece of train wreck energy policy," Opposition Leader Sussan Ley told reporters in Melbourne.