The federal government is beginning consultations on lowering the safeguard mechanism, which was put in place to ensure large companies reduce their emissions.
Climate Change and Energy Minister Chris Bowen says while the mechanism’s framework is sound, its implementation had failed under the previous government.
Climate Change and Energy Minister Chris Bowen.Credit:Alex Ellinghausen
“The baselines are set, in many instances, above existing emissions,” the Labor frontbencher told Radio National earlier this morning.
“That’s why the system so far, the safeguards, have failed and emissions have gone up from facilities covered by the safeguard mechanism.
“We are keeping the architecture, as the architecture is quite elegant, but the actual way it was implemented was very, very poor.”
Whether large emitters will be able to purchase international carbon credits will also be reviewed, Bowen said, adding that schemes needed to be credible and verifiable.
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Such schemes would be allowed “only if the government was 100 per cent guaranteed and satisfied about the integrity of those emissions reductions”.
“I’m very much looking forward to getting some feedback from industry and climate groups about some of the finer details,” he said.
The current mechanism applies to large facilities in certain industries that produce more than 100,000 tonnes of greenhouse gases a year.
It currently covers about 215 facilities.
The government’s reforms are scheduled to come in from July 1, 2023.
AAP
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