Australia will vow to cut its emissions by 62 to 70 per cent by 2035, lifting its sights further as the world strives to reach net zero emissions by 2050.

Prime Minister Anthony Albanese said the government had listened to the Climate Change Authority's advice.

"It's 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," Mr Albanese said.

Emissions have fallen by about 27 per cent since the baseline year of 2005, and the Albanese government's next major climate commitment will require a significant increase in ambition.

Mr Albanese on Thursday afternoon committed an additional $2 billion to boost the Clean Energy Finance Corporation and a new $5 bil

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