Chris Bowen has stared down Adam Bandt’s demand for an overt ban on new fossil fuel projects as part of the Greens’ support of the safeguard mechanism plan.
Almost $60 billion in gas investments face having to spend billions on offsets and carbon capture technology under a landmark Labor deal with the Greens that fell short of an outright ban on new gas.
Facilities that rely on carbon offsets for more than 30 per cent of their abatement task will have to explain to the Clean Energy Regulator why they are “not doing more” to reduce direct emissions, the government said.While Mr Bandt failed to get a blanket ban on new fossil fuel projects, the Greens’ changes will make life more difficult for at least six major gas projects.
“If the advice to me is that [the emissions target] would be exceeded, then I must consult on my policy options and, as the minister of the day, either amend the rules or take any other policy action available to the government at that time,” Mr Bowen said. “New gas supply investment needs policy and regulatory certainty but instead, the Labor-Greens deal creates additional barriers to investment, further diminishing the investment environment and adding to the growing list of regulatory challenges facing the sector,” said APPEA chief executive Samantha McCulloch.
“But overall, industry will view the announced deal with some relief that pragmatism and reasonable compromise have prevailed.”
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