Analysis says land-based carbon offsets lead to more fossil fuel mining and fail to deliver genuine emissions reductions
In global terms, it calculated that every carbon credit used to offset one tonne of CO2 from liquified natural gas production in Australia led to about 8.4 tonnes of CO2 going into the atmosphere, once the gas was sold and burned overseas. In the case of coal, every Australian carbon credit used to offset a tonne of emissions from coalmining was associated with between 58 and 67 tonnes of CO2.
It said there was a difference between a tonne of CO2 emitted by fossil fuel industries and a tonne stored in vegetation, as the tonne in the atmosphere wouldLabor’s changes to the safeguard mechanism will become a major political focus in coming weeks.
He called on the government should require annual cuts to deliver at least a 50% reduction in national emissions by 2030, and at least 70% by 2035. But he said it would also take time before some industries could invest in the steps needed to cut pollution directly and offsets had a role to play.
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