Greens’ showdown with gas threatens Labour’s climate reforms

“Coal and gas companies will be allowed to buy their way out of reducing emissions through cheap and shady compensation. It is a recipe for policy failure and will not meet our national goals and international commitments.”

Australian Petroleum Production and Exploration Association (APPEA) chief executive Samantha McCulloch said developing carbon capture and storage and green hydrogen is expensive and will take years to deploy, with commitments to reduce their greenhouse gases by 30 per cent by 2030 to reduce.

“To complement direct emissions reductions and ensure emissions reduction targets are met in the most cost-effective and efficient manner will also require sufficient access to quality national and international offsets,” McCulloch said Thursday.

“The ability to trade emission reduction credits, including internationally, lowers the overall cost of achieving our climate protection goals.”

Bowen said in October it would be several years before an adequate quality control system was in place to enable international carbon trading for Australian companies.

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Dutton is waiting for the Liberal party hall to consider the protection reforms before announcing a position, but said Tuesday the changes would harm regional communities, where most of the crops covered by the protection mechanism are located.

“These costs are being passed on to consumers – who are already struggling – making the cost of living worse, the inflation crisis and putting Australian jobs at risk,” Dutton said.

The Grattan Institute’s associate director on climate change and energy, Alison Reeve, said Bowen’s proposed changes would not contribute significantly to the pressure on the cost of living, noting that utility bills would be saved because the power generation sector is exempt from the program.

Large industrial companies currently consider projected costs for CO2 emissions when making future investments.

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Last year, the institute surveyed companies whose greenhouse gases would be contained under the safeguard mechanism and found that their estimated carbon price was $96 per tonne, higher than under the mechanism, where Bowen caps the price of those allowances at $75 per tonne has.

“The effect of those two things means that in terms of the impact on Australian consumers, I’d be surprised if anyone noticed,” Reeve said.

Break through the noise of federal politics with news, perspective and expert analysis from Jacqueline Maley. Subscribers can sign up for our weekly Inside Politics newsletter here.

https://www.smh.com.au/politics/federal/greens-showdown-with-gas-sector-threatens-labor-s-climate-reforms-20230112-p5cbzs.html?ref=rss&utm_medium=rss&utm_source=rss_politics_federal Greens’ showdown with gas threatens Labour’s climate reforms

Callan Tansill

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