The Australian government will begin consulting industry and broader stakeholders on how to strengthen the centrepiece of its commitment to reduce emissions by 43 per cent this decade.
The government has released a paper on changes to a major policy designed to reduce emissionsA recent report shows Australia is not on track to meet its 2030 target
To be subject to the mechanism, facilities must emit more than 100,000 tonnes of greenhouse gases a year — a threshold the government has committed to stand by. The paper set out tailored conditions for emissions-intensive, trade-exposed industries to avoid them being put at competitive disadvantage and prevent emissions leaking overseas.
Final emissions decline rates were not finalised as they required other policy settings to be decided but indicative rates were expected to be between 3.5 and 6 per cent each year.The government said the mechanism would deliver additional certainty for Australia's largest emitters and build on the work already underway as the country moves to net zero emissions by 2050.
"A revamped safeguard mechanism will help Australian industry cut emissions and remain competitive in a decarbonising global economy."
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