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Economics update | 17 February 2023
16 Feb 2023
Safeguard Mechanism Crediting in debate
The crediting component of the safeguard mechanism is currently before the House of Representatives. This proposed legislation allows the 215 facilities covered by the safeguard mechanism to earn tradeable credits when their emissions are below their baseline, granting much needed flexibility for these high emitters to invest in low-emissions technologies at the optimum time. Without the crediting and trading scheme, the mechanism will impose unworkable abatement timelines on covered facilities and force them to reduce production to meet their decreasing baselines.
The opposition has announced it will oppose the reforms, despite it being established during their term office in 2016. The Greens have also announced that they will oppose the legislated crediting reforms if the government continues to allow new coal and gas exploration to occur.
ACCI supports the crediting arrangement in the safeguard mechanism and has urged the government to resist the Greens’ threat to energy supplies.
ACCI will participate in a round table with other industry and community associations hosted by Senator David Pocock on the safeguard mechanism next week and will also present to the Senate Economics Committee on February 27-28.
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