The federal government has released its proposed changes to the safeguard mechanism, its signature policy to meet the nation’s upgraded climate target.
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 biggest industrial polluters will face binding emissions limits for the first time from July 1, forcing them to cut their greenhouse emissions by 30 per cent by 2030, after the Albanese government revealed the details of its signature climate policy.
The government has committed to a new, legally binding target to cut Australia’s emissions by 43 per cent by 2030 and the beefed-up safeguard mechanism is being designed to reduce Australia’s greenhouse output by a cumulative 205 million tonnes by the end of the decade – equivalent to about 40 per cent of Australia’s annual carbon footprint.
It will impose pollution limits on Australia’s 215 biggest carbon emitters, and those limits will be lowered through the years to achieve greater reductions. Treatment of export industries, which may be competing with overseas companies that do not have to invest in emissions reduction, is a particularly contentious element of the safeguard mechanism.
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