Australians voted at the federal election last year to end a decade of denial and delay on climate change. In my electorate of Corangamite, which includes the Great Ocean Road, the Bellarine, the Surf Coast and parts of Geelong, people were fed up with government inaction on climate change—the most significant threat of our time. They were frustrated by a government which had 22 attempts at an energy plan but failed to land on any of them. People across our nation are rightly concerned about the state of the environment that their children, our children, will inherit. They worry about the changing weather patterns and the environmental damage they see in their communities across the nation and the globe. Climate change has moved from a theory to a prediction to a reality, and that's why it's crucial that we act decisively now, and that's precisely what the Albanese government has been doing.
In a relatively short space of time, since being elected last May, we've hit the ground running. The Albanese government's climate change legislation passed through parliament last year. It enshrined in law an emissions reduction target of 43 per cent from 2005 levels by 2030 and net-zero emissions by 2050. The government brought together business, industry, unions, farmers, and community and conservation groups, all of whom have asked the parliament to put Australia on the path to net-zero emissions. The legislation ensures accountability through an annual update to parliament by the climate change minister on the progress being made towards the target. It also empowers the Climate Change Authority to provide advice to government on future targets. This government is showing the world that Australia is open for business, with a stable investment environment to unleash billions of dollars of renewable energy investment and zero-emissions technology and the jobs that come with them.
As promised, the Albanese government is being open, accountable and transparent, having tabled its first annual statement on climate change, together with the accompanying advice of the independent Climate Change Authority. In contrast, the previous government left their projected emissions reductions by 2030 at only 30 per cent. The projections tabled by the minister show the actions and policies of the Albanese government have increased this projection to 40 per cent so far—that is, we've lifted the outlook by a third in the first six months of the Albanese government.
As the Climate Change Authority advice makes clear, to achieve this target we will need to achieve the same emissions reductions in the next seven to eight years that have been achieved in the past 18 years in total. Since 2009, Australia has decarbonised its economy at an average rate of 12 million tonnes of carbon a year. To achieve a 43 per cent reduction by 2030 and net zero by 2050, this decarbonisation rate needs to be at least 17 million tonnes of carbon a year, a 40 per cent increase.
Increased dispatchable storage will also be essential. After 10 years, during which four gigawatts of dispatchable generation left the grid and only one gigawatt of dispatchable capacity entered the market, we will need to install much, much more clean, dispatchable power in the coming seven to eight years. Of course, this all comes in the shade of the biggest energy crisis ever to face the modern world—bigger even than the oil crisis of the 1970s. Our long-term plan is to power our economy with the cheapest form of energy, renewable energy, and in turn to harness the economic opportunities which come with it. Currently, a third of Australia's emissions come from our electricity system. Over the next seven to eight years, we will need to transition our electricity system to 82 per cent renewables from the current base of around 30 per cent.
The most important thing we can do is to rewire our nation, because there will be no transition without effective transmission, and there will be the jobs that go with that. Our first budget allocated the necessary $20 billion of investment. Importantly, we've finalised agreements for the first projects. The Marinus Link, which has been talked about for years, is now going to be a reality. The two cables between Tasmania and the mainland will see the Apple Isle move from 100 per cent renewables to 200 per cent renewables. This is the equivalent in emissions reduction of taking one million cars off the road. Likewise, our investments in the link between Victoria and New South Wales, KerangLink, and the co-investment with the Victorian government in renewable energy zones and offshore wind are vital in our efforts.
In addition, the budget funded our commitment to 400 community batteries, and the program is underway. I'm pleased to say that one community battery will be installed in my electorate of Corangamite, in the Sands Estate in Torquay. It is a brilliant outcome, and I thank the people for their advocacy for that battery. I am looking forward to more submissions. Last year's budget also abolished the failed Underwriting New Generation Investments program and replaced it with a new program to help finance new renewable energy storage.
So we are doing a great deal. There is so much more that needs to be done. But we won't reduce emissions unless we reduce those of our top 200 industrial emitters. So we need to reform a safeguard mechanism which governs the emissions of our biggest industrial emitters. A process has begun to enable credits to be provided to large industrial facilities which come in under their safeguard mechanism baselines, incentivising them to innovate and adopt emissions reduction technology. Around 70 per cent of facilities are owned by companies committed to net zero. They account for over 80 per cent of safeguard facility emissions. It is essential that the reforms commence from 1 July this year. This is ambitious but achievable.
How we move around our country has a big impact on how we emit emissions. Our government inherited a situation in which just two per cent of car sales were electric. That's five times below the international average. Last year parliament passed our electric vehicle tax cut, cutting $9,000 a year from the cost of the tax and providing Australian business opportunities for a $50,000 electric vehicle bonus to employees. The budget also funded our Driving the Nation Fund for investments in cleaner and cheaper transport, including a national electric vehicle charging network to roll out a faster charging system, one that goes for 150 kilometres before you get your next charging on our highways. We have to work on that as well; we need more charging stations.
We're delivering solar banks to provide access to renewable energy to low-income families, and we're leading by transforming our own federal government to be net zero by 2030. We've also committed to practical actions in the land and agricultural sectors, driving abatement and incentives through carbon markets that have integrity and cut pollution.
We're also returning our country to full international engagement and leadership on climate. The Climate Change Authority recommends that the government begins work on a plan to guide the nation's efforts towards achieving net zero, which we agree with and will prepare. The authority also points out that while technology exists to meet our 2030 targets, there are significant labour market and supply chain challenges as every country around the world strives to meet their targets. Again, we agree.
Providing the trading and investment in clean energy and decarbonising our workforce was a major focus of our Jobs and Skills Summit last July. Our policy of 10,000 new energy apprentices, which we're implementing, is a great start, but we know more needs to be done.
Right around the country, Australians are living with the consequences of climate change right now, so we need a comprehensive plan for adaptation and climate risk assessment. Working closely with the states and territories that's exactly what we will do. Our regions have experienced some of the worst climate change impacts, and they also have the opportunity to be at the heart of our clean energy revolution. That's why regional Australia is at the core of our government's plan, to ensure Australia takes advantage of the economic opportunities that come with climate change action.
In tabling this report, the minister emphasised the costs of climate change that we are already facing. It will get worse. It's not too late though to avoid climate emergency, and it is our job to act with urgency. Australia truly needs a Labor government to ensure we become a renewable energy superpower.
