PM claims Australia will hit 2030 emissions targets in 'canter'

Prime Minister Scott Morrison has declared Australia will meet its 2030 emissions reductions targets "in a canter".

Mr Morrison made the claim during a national energy address, where he encouraged accelerated development of gas fields and the continued use of coal for decades to come.

Under the Paris Agreement, Australia has committed to reducing emissions by 26-28 per cent below 2005 levels by 2030.

Despite further investment into gas and coal, a move which environmentalists will likely criticise, Mr Morrison said his government was committed to reducing emissions.

Mr Morrison said $30 billion invested in renewables between 2017 and mid-2020 would help Australia hit its 2030 targets.

"We remain committed to (the 2030 target) and we will meet it in a canter."

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The prime minister, who famously carried a chunk of coal into parliament, said it was vital coal remained part of Australia's energy mix.

"In Australia, you cannot talk about electricity generation and ignore coal," Mr Morrison said.

"Coal will continue to play an important part of our economy for decades to come."

Some environmental groups have complained Australia will need controversial "carry-over" credits from previous agreements to meet the 2030 target.

Mr Morrison also announced Australia was boosting its national fuel storage capacity to protect against "low probability, high impact events".

At a minimum, this means the national stockpile of petrol and jet fuel will cover 24 days, and diesel stocks to increase from 20 to 28 days.

The COVID-19 pandemic had highlighted supply chain threats, Mr Morrison said.

Mr Morrison used his address to call on the gas industry to supply energy to Australia customers at cheaper prices.