Prime Minister Anthony Albanese has revealed that Australia will set a target to cut emissions by 62 to 70 per cent by 2035, while announcing billions of dollars towards net zero schemes and drawing condemnation from climate advocates and the opposition.

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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

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