Chris Bowen vows real emissions cuts, no exceptions

– a beefed-up version of the former government’s safeguard mechanism, with teeth – will create pressure for real emissions cuts, and concessions for “trade exposed” industries will be issued sparingly and according to strict criteria.

Well, I don’t accept economic damage as a result of climate policy. I accept that there are dividends of good power policies, investment and jobs and this is the policy certainty and stability that’s required to provide industry, heavy industry with the necessary information to get on with the investment and the transition to renewables. This is pro jobs, pro investment and pro competitiveness.

The safeguard mechanism covers 215 of Australia’s largest emitters, of which 70 per cent have already pledged to reach net zero by 2050. What do you say to critics who say taxpayer should not be funding profitable companies to do something that they have already pledged to do? Carbon credits are an important part of Australia’s plan to reduce emissions, and importantly the Chubb review has rejected allegations of widespread fraud. But as you know, there is mistrust from some in the community about these credits. How does the government convince the public that these credits are meaningful climate action?I think that this review is a big step forward and understand some cynicism out there.

Regulation, almost all of this is regulation. The only elements that require legislation is below-the-baseline credits. I issued a draft regulation [on Monday] reflective of what’s in the paper. Obviously, once I’ve considered feedback to the paper and any tweaks, then I’d issue a new draft regulation and then put it before the parliament.

Source: Energy Industry News (energyindustrynews.net)

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