Australia’s biggest industrial polluters will be forced to cut their greenhouse gas emissions by 30 per cent by 2030, under binding pollution caps introduced from July 1.
Australia’s 215 heaviest polluters will have to cut their greenhouse emissions by 30 per cent by 2030 under the draft safeguard mechanism.
The Greens criticised the policy, saying it allows fossil fuel companies to “buy their way out of real pollution cuts”.Australia’s 215 biggest industrial polluters will be forced to cut their greenhouse gas emissions by 30 per cent by 2030 under binding pollution caps introduced from July 1, after the Albanese government revealed the details of its signature climate policy, the safeguard mechanism.
“I think it’s pretty reasonable to say that 215 facilities are responsible for 28 per cent of our emissions, therefore, they’ll be responsible for 28 per cent of our emissions reduction,” Climate Change and Energy Minister Chris Bowen said on Tuesday as he released a policy paper detailing proposed rules to enforce the new pollution caps.
About 70 per cent of facilities captured by the safeguard mechanism, which together generate about 80 per cent of the emissions, have already committed to shareholders to reach net zero by 2050 and Bowen said on Tuesday the tightened pollution caps would help them reach these goals. If they don’t, or if their emissions still exceed their limit, they will be forced to buy carbon offset credits equivalent to the volume of carbon emissions that exceeded their cap.
Export businesses and the regional communities where they are located can apply for grants totalling $600 million to help cover decarbonising costs.
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