Safeguard Mechanism Legislated, But Australia Still Addicted To Coal
of electricity generation by a plethora of solar installations, and even though Australia has the highest penetration of domestic rooftop solar in the world, coal is still the mining industries’ highest export earner. Australia is still the third largest coal exporter in the world. Will the newly legislated safeguard mechanism help reduce our output? Lithium and copper exports are rising, so they should help fill government tax coffers and reduce protection for the coal industry.
“Approving even one new coal mine goes against our climate goals. Approving 28 new coal mines, and the 17.9 billion tonnes of emissions they would cause, is incompatible with limiting dangerous climate change. In 2021-22, Australia produced 422 million tonnes of coal. That results in 1.1 billion tonnes of greenhouse gas emissions in just one year,” the coal mine tracker page writes.
The Greens are claiming victory because they negotiated a “hard cap” on absolute emissions. “The 5-year rolling average gross emissions from covered facilities will need to fall over time, and a limit on net emissions from 2021-22 to 2029-30 of 1,233 MtCO2-e. “The safeguard mechanism is part of a federal policy framework intended to manage and reduce carbon emissions from Australia’s biggest climate polluters. It sits alongside other schemes including the Emissions Reduction Fund that buys carbon credits and encourages projects to be developed that will remove or cut carbon. Australian carbon credits can also be purchased by the facilities captured under the safeguard mechanism to help meet their emissions reduction obligations.
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