Australia’s biggest polluters will be required to reduce their net emissions by almost 35 percent by 2030 under the federal government’s new safeguard mechanism reforms.
Minister for Climate Change and Energy Chris Bowen said the reforms will support the country’s biggest emitters to remain competitive in a global economy while they work to reduce emissions.
Trade-exposed facilities will be supported by an initial $600 million (US$414 million) in funding to compensate for the cost of transition and ensure competitiveness, so emissions do not “leak” overseas from businesses outsourcing operations.
The safeguard mechanism was introduced by the previous Coalition government and requires the 215 facilities that annually produce over 100,000 tonnes of greenhouse gases to limit their net emissions below a baseline limit….