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Safeguard Mechanism passes through Parliament

31st March 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Reforms to the Safeguard Mechanism have passed through the Australian Parliament.

The Safeguard Mechanism requires facilities that produce over 100 000 t/y of greenhouse gases (GHGs), amounting to around 215 facilities, to keep their net emissions below a baseline.

Climate Change and Energy Minister Chris Bowen said that the reforms would reduce 205-million tonnes of GHG emissions to 2030, and that the passage of this legislation ensured the country’s largest emitters would remain internationally competitive in a decarbonising global economy while contributing towards Australia’s emissions reduction task.

Bowen said parliamentary passage of the Safeguard Mechanism Bill was a landmark achievement for Australia’s economy and the climate.

“Today is an historic day for the country to ensure our economy can take advantage of the opportunities of decarbonisation and meet our ambitious climate targets. These reforms will safeguard our economy, safeguard our climate and safeguard our future.

“Passage of this legislation is the culmination of extensive feedback from Safeguard businesses, industry associations, climate and community groups, academics and private individuals.

“These reforms have been supported across the spectrum – from the Business Council to the Climate Council, Manufacturing Australia to the Australian Conservation Foundation.  

“We thank those across the Parliament who engaged in good faith discussions to ensure accountability, transparency and integrity for the scheme, and ensure flexibility and support for industry.”

The updated Safeguard Mechanism scheme will be in operation as of July 1, 2023.

The resources sector has expressed concerns over the changes to the Safeguard Mechanism, and has warned that it would impact resource operations in Australia.

Edited by Creamer Media Reporter

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