Energy Minister Chris Bowen has indicated the announcement of Australia’s 2035 climate target could be delayed beyond February next year, and potentially beyond the next election.

Mr Bowen had previously committed to revealing the 2035 target by February, arguing Australia was obliged to do so.

But he has now argued that other countries might not provide their commitment until the second half of next year.

Under the Paris Agreement, countries must detail their 2035 climate targets by 2025.

Some countries are expected to do so as soon as next month, as world leaders and climate and energy ministers gather for the COP29 UN climate conference in Azerbaijan.

Speaking at a summit hosted by the Australian Financial Review, Mr Bowen said the announcement of 2035 targets was going to be staggered across the globe.

“Countries around the world are indicating different timelines to me about when they might put theirs out,” he said.

“I expect some to start this year, but far from a majority.

“I expect some countries will put their targets out later next year, we’ll see what countries do.”

The 2035 target cannot be set without advice from the government’s Climate Change Authority, now chaired by former NSW treasurer Matt Kean.

That advice is expected to be handed to the government later this year, and must eventually be made public.

It has previously told the government a reduction of 75 per cent would be needed to limit warming to below 1.5 degrees, based on advice from the CSIRO.

Mr Bowen was asked if the target would be made public before the next election, and responded by pointing out that he was not responsible for setting the election date.

In previous comments to the ABC in June, he committed to releasing the target in February.

“We’re obliged to set our 2035 target by February next year, and we will,” he said at the time.

Climate investors call for ambition in targets

Some of those closely watching developments around the 2035 target say they are far more interested in the target itself than the timing of the announcement.

Erwin Jackson from the Investor Group on Climate Change, which represents more than 100 domestic and international investors, said certainty on climate policy was what they were really interested in seeing.

“The basic rule is that [the target should be set in] February,” he said.

“But investors understand that the core component is not when it’s announced, but whether it’s ambitious.

“Because ambition delivers the best economic returns and delivers the best returns for millions of Australians.”

Climate policy analysts have suggested the US election was looming over the deliberations of many countries, weighing up what a Donald Trump victory might mean for global climate action.

The former president has pledged to again withdraw the United States from the Paris Agreement should he win office.

The Coalition has already made clear that while committed to net zero by 2050, it would not be making any interim commitments ahead of the election.

And it would not be bound to the government’s 2030 climate target of reducing emissions by 43 per cent, arguing it was unachievable.

Greens leader Adam Bandt says both major parties should be up-front about their climate policies.

“Voters need to know where every party stands on climate before the next election,” he said.

“Not only what they’re going to do with their targets, but whether they’re going to keep opening new coal and gas projects.”