Climate "Safeguards" Would Allow 100s Of Oz Companies To Boost Emissions 15-20% Over 15 Years
Big business will be afforded several ways to increase their greenhouse gas emissions without penalty under the second plank of the Abbott government's Direct Action climate change plan. Environment Minister Greg Hunt released on Wednesday draft rules for the government's promised "safeguard mechanism", which will set emissions limits, called "baselines", on big industrial plants and power generators.
The government says the baselines will apply to about 330 plants from 140 businesses from mid-next year, and will ensure their emissions do not rise significantly above business as usual levels. But within the draft rules industry has been given a number of ways to apply for an increase over their initial baseline without penalty.
In response to the draft rules, some analysts warned the way the baselines will be set will allow industrial emissions to continue to rise significantly, even as Australia pledges to cut its overall emissions by 26 to 28 per cent from 2005 levels by 2030. Carbon market analysts, RepuTex, forecast emissions from companies covered by the proposed safeguards would grow by 20 per cent over the next 15 years.
"The design of the new scheme indicates a significant disconnect between emissions growth and the government's new post-2020 emissions target," RepuTex's Hugh Grossman said. Mr Grossman added that none of Australia's top 20 emitting facilities, including the big brown coal power plants in Victoria, would face any liability under the proposed rules. "Structurally, very few companies will be at risk of exceeding their historical high point baseline. We envisage less than 30 companies will be at risk," Mr Grossman said.
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