For Australia to shift to a net zero economy, its big polluters need to cut emissions. A get-out clause buried in the policy makes it unlikely that they will, and the result will be devastating.
Australia’s move towards net zero emissoions by 2020 is in danger of stalling. If it is not to fail, the nation urgently needs a government plan, aligned with industry and with public support.
The Greens wanted Australia to rule out new coal and gas projects. Instead, we have a hard cap on emissions – and that should make many fossil fuel projects unviable
The safeguard mechanism is supposed to stop Australia’s largest polluters from emitting over a certain threshold. It’s been widely criticised for lacking teeth, and is finally under review.
Right now, the safeguard mechanism meant to reduce emissions is not fit for purpose. Labor is exploring ways to fix it - and create a proper pollution market.
Under the current rules, the federal government takes the most responsibility for buying carbon credits. A blockchain-driven market would be faster, smarter, and much more open.
Australia’s greenhouse emissions are once again rising, after a decade of consistent declines. But the right policies are already in place to turn things around - they just need to be ramped up.