SYDNEY, Sept. 9 (Xinhua) -- Australian Prime Minister Anthony Albanese has said that the clean energy transition can set his country up for a "new era" of prosperity.

Addressing a Business Council of Australia (BCA) event in Sydney on Monday night, Albanese said that the clean energy shift is the biggest global economic transformation since the industrial revolution and represents a "profound economic opportunity" for Australia.

"If we act now, if we get it right, we can set our nation up for a new era of growth and prosperity," he said. "This is Australia's best opportunity to build an economy that is more resilient, more diversified, and more decentralized, because regional Australia has so much to gain."

The speech came as Albanese's federal Labor Party government prepares to announce Australia's 2035 emissions reduction target within weeks.

Albanese's government has committed to cutting greenhouse gas emissions by at least 43 percent from 2005 levels by 2030, and is expected to commit to a 2035 target later in September after receiving official advice from the independent Climate Change Authority (CCA).

The CCA said in a report published in September 2024 that Australia must cut emissions by at least 75 percent from 2005 levels by 2035 to help limit global warming to 1.5 degrees Celsius above pre-industrial levels. ■