Metal manufacturers and alumina refiners could be offered taxpayer-funded financial support under proposals to be released by the Albanese government.
changes, the proposal would instead entrench a sprawling system of industry policy with echoes of Tony Abbott’s post-carbon tax direct action approach.
“We are building on the existing architecture of the safeguard mechanism but getting the settings right to get emissions heading downwards while supporting industry competitiveness.”by the House of Representatives this month ahead of a Senate vote in September, and dictates that Australia will need to slash total annual emissions from 488 million tonnes in 2021 to 354 million tonnes by the end of the decade.
The problem is that the existing system lacks teeth. According to Reputex, around 70 per cent of facilities whose baselines have been disclosed by the Clean Energy Regulator could raise their emissions by 10 per cent or more without breaching their baselines and suffer penalties. Some have “headroom” of more than 80 per cent, and the department calculates the total industry gap at 43 million tonnes.
Options are also flagged on whether to measure emissions in absolute terms or by using “production-adjusted” or intensity baselines that shift according to how the economy is performing – the latter described as a model that “helps to meet the dual goals of reducing emissions and growing the economy”.“Decoupling emissions from economic growth will help businesses remain competitive and grow jobs as the world continues to decarbonise.
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