Latest news with #SafeguardMechanism
Yahoo
15 hours ago
- Business
- Yahoo
IEEFA urges broader review of emissions reduction policies in Australia
An interim report by the Australian Government's Productivity Commission has identified gaps in the country's emissions reduction policies, particularly concerning the electricity sector post-2030, industrial facilities exempt from the Safeguard Mechanism, and heavy vehicles. The report, titled 'Investing in Cheaper, Cleaner Energy and the Net Zero Transformation', is part of an initiative aimed at bolstering Australia's productivity but has overlooked several potential levers for achieving net zero emissions at minimal cost, according to the Institute for Energy Economics & Financial Analysis (IEEFA). The overlooked areas include enhancing energy efficiency and flexibility, revising inefficient electricity network revenue regulation and pricing, reducing fugitive methane emissions from coal and gas extraction, and critically assessing the net economic cost-benefit of new coal and gas projects. IEEFA has calculated that more than 1.7 million inefficient gas and electric appliances are installed annually in Australia, costing households more than A$3bn ($1.9bn) in unnecessary energy expenses. There is a significant opportunity to improve national electric appliance efficiency, which could save more electricity per year than the amount required for the transition from gas to electric appliances. IEEFA's analysis indicates that electricity distribution and transmission networks have made supernormal profits of A$15bn over 2014-2023, in addition to "allowed" profits of A$17.6bn, resulting in higher consumer electricity bills and diminished economic productivity. With the rise of distributed energy resources, current monopoly-based electricity network regulations are outdated. The growth in household batteries offers a significant chance to reduce household bills and investment in large-scale electricity system assets. IEEFA's research suggests that rooftop solar and batteries could significantly reduce peak demand, often to zero or below, in most states during summer and winter. However, appropriate tariffs and incentives are necessary to encourage optimal outcomes for the energy system. At least 20% of Australia's emissions, and potentially up to 25% if methane emissions underreporting is accounted for, are attributable to coal and gas extraction. Methane emissions are projected to remain stable until 2035, with the Safeguard Mechanism proving insufficient for driving reductions. IEEFA estimates that approximately 76 petajoules of methane, valued at around A$950m, could be recovered annually from the coal and gas sector, which is more than double the anticipated gas demand for power generation in the National Electricity Market in 2025. IEEFA has also highlighted the economic risks of new coal and gas developments, especially those aimed at liquefied natural gas (LNG) exports. Eastern Australia's existing LNG projects have yielded disappointing financial outcomes and have tripled domestic gas prices, leading to industrial facility closures and reduced gas generation. LNG projects are also associated with significant gas use and emissions that cannot be sufficiently mitigated by carbon capture and storage. In conclusion, IEEFA urges the Productivity Commission to consider a wider array of opportunities that can advance Australia's emissions reduction goals while simultaneously reducing costs for Australians. "IEEFA urges broader review of emissions reduction policies in Australia" was originally created and published by Energy Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Epoch Times
04-08-2025
- Business
- Epoch Times
Commission Suggests Bringing More Industries Under Emissions Cap to Fast-Track Net Zero
The Australian government should consider lowering the threshold for the Safeguard Mechanism to capture more industries as a way to help speed up the push to net zero. That recommendation forms part of the Productivity Commission's interim report into how Australia can improve its pursuit of net zero.
West Australian
28-04-2025
- Politics
- West Australian
Greens aim to block new coal and gas projects if they hold balance of power
The Greens will demand Labor block any new coal or gas projects if they hold the balance of power in the event of a hung parliament, the leader of the minor party revealed on Monday. Adam Bandt will reveal the policy in the electorate of Sydney, currently held by Environment Minister Tanya Plibersek, making the point that he holds her personally responsible for the approval of more than 30 new coal and gas projects since 2022. The Greens are basing their new policy on a Parliamentary Library analysis to claim Climate Minister Chris Bowen could block new projects under existing laws. The minor party argues the new legal analysis proves that the climate minister already has the power to block all projects through the Safeguard Mechanism due to earlier Greens amendments. The Safeguard Mechanism is designed to reduce greenhouse gas emissions from the nation's largest industrial facilities, and during negotiations for the 2023 legislation, the Greens introduced a hard cap on the amount of climate pollution permitted under the scheme. They point out that this gives the environment minister wide-ranging powers over new coal and gas projects. The Greens say the use of these latent powers remove any need for new legislation to pass the Parliament, and also deal with any objections from the environment minister that climate-destroying projects can still proceed. 'If you want climate action, you have to vote for it, because it's clear Labor won't act on climate unless pushed,' said Mr Bandt. The proposal has the potential to impact controversial plans like the North West Shelf gas project that face strong objections on environmental grounds. If Labor falls short of the 76 seats needed to govern in majority, it will depend on the crossbench, including the Greens, to form government. The Greens will seek these powers be exercised so that the permissible pollution from new mines is set at zero and the new mines are unable to purchase offsets for any pollution above that level. 'In the middle of a climate crisis, Tanya Plibersek has approved new coal mines that will release 2.5 billion tonnes of climate pollution. If the Environment Minister won't act, the Greens will get the Climate Minister to do it,' he added. 'The Greens gave the Climate Minister the power to stop new coal and gas mines with the stroke of a pen, and with more Greens in minority Parliament we'll get him to use it.' The Greens' latest policy builds on earlier demands it intends to make if it Labor is forced to negotiate in the event of a hung parliament or minority government. Earlier in April, Mr Bandt made an election pitch to reform negative gearing and end capital gains tax discounts on investment properties. 'This election, the Greens are the party of renters and first home buyers,' he said at an event at the National Press Club, also spruiking the party's key pledges to add dental treatment to Medicare, end native forest logging and provide free, universal, high quality childcare. Senator Mehreen Faruqi, Greens deputy leader, said the party was committed to addressing the electorate's fears over the climate crisis. 'The impacts of the climate crisis are here, people are being devastated and traumatised again and again by climate-driven disasters,' she said. 'The science is clear: tackling the climate crisis means no new coal and gas. With more Greens in parliament, we will get Labor to act so we can power past coal and gas.'
News.com.au
27-04-2025
- Politics
- News.com.au
Blocking new coal, gas projects key demand in minority government negotiations, Greens say
The Greens will demand Labor block any new coal or gas projects if Anthony Albanese is forced into power-sharing negotiations after next week's federal election, the minor party says. If Labor falls short of the 76 seats needed to govern in majority, it would need to look to the crossbench to form government. The Greens have hounded the Albanese government for greenlighting dozens of new coal mines and gas wells over its first term, and will on Monday use Parliamentary Library analysis to claim Climate Minister Chris Bowen could block new projects under existing laws. 'In the middle of a climate crisis, Tanya Plibersek has approved new coal mines that will release 2.5 billion tonnes of climate pollution,' Greens leader Adam Bandt said in a statement. 'If the Environment Minister won't act, the Greens will get the Climate Minister to do it. 'The Greens will keep Dutton out and get Labor to stop approving new coal and gas mines, because you can't put the fire out while pouring petrol on it.' According to the Parliamentary Library, Mr Bowen may be able to restrict projects under the Safeguard Mechanism, which requires polluters to limit emissions to the national targets of 43 per cent below 2005 levels by 2030 and net zero by 2050. The Parliamentary Library acknowledged the 'area of law is complex' and warned its brief 'may not be fully comprehensive'. Though, Mr Bandt was confident, saying that through Safeguard Mechanism negotiations, the Greens 'gave the Climate Minister the power to stop new coal and gas mines with the stroke of a pen, and with more Greens in minority Parliament we'll get him to use it'. 'They talk up renewables but open up coal and gas. Labor are climate charlatans and the Liberals climate criminals,' he said. 'If you're worried about climate change, you can't keep voting for the same two parties and expecting a different result. 'If you want climate action, you have to vote for it, because it's clear Labor won't act on climate unless pushed.' The Greens have flagged four other key demands, including expanding Medicare to cover dental health, negative gearing and capital gains tax reform, ending logging in native forests, and free universal early childhood education. The Prime Minister has ruled out negotiating with the Greens to secure a minority government, but his pathways would be limited, based on the current make up of the House and Senate. Mr Albanese has also flatly rejected any changes to negative gearing, which housing reformists have identified as a major hurdle for first home buyers.
Perth Now
27-04-2025
- Politics
- Perth Now
‘Climate charlatans': Greens' big call on Labor
The Greens will demand Labor block any new coal or gas projects if Anthony Albanese is forced into power-sharing negotiations after next week's federal election, the minor party says. If Labor falls short of the 76 seats needed to govern in majority, it would need to look to the crossbench to form government. The Greens have hounded the Albanese government for greenlighting dozens of new coal mines and gas wells over its first term, and will on Monday use Parliamentary Library analysis to claim Climate Minister Chris Bowen could block new projects under existing laws. Environment Minister Tanya Plibersek has approved dozens of coal and gas projects since Labor won power in 2022. Jason Edwards / NewsWire Credit: News Corp Australia Climate Minister Chris Bowen may be able to limit new projects. Mark Stewart / NewsWire Credit: News Corp Australia 'In the middle of a climate crisis, Tanya Plibersek has approved new coal mines that will release 2.5 billion tonnes of climate pollution,' Greens leader Adam Bandt said in a statement. 'If the Environment Minister won't act, the Greens will get the Climate Minister to do it. 'The Greens will keep Dutton out and get Labor to stop approving new coal and gas mines, because you can't put the fire out while pouring petrol on it.' According to the Parliamentary Library, Mr Bowen may be able to restrict projects under the Safeguard Mechanism, which requires polluters to limit emissions to the national targets of 43 per cent below 2005 levels by 2030 and net zero by 2050. The Parliamentary Library acknowledged the 'area of law is complex' and warned its brief 'may not be fully comprehensive'. Though, Mr Bandt was confident, saying that through Safeguard Mechanism negotiations, the Greens 'gave the Climate Minister the power to stop new coal and gas mines with the stroke of a pen, and with more Greens in minority Parliament we'll get him to use it'. Greens leader Adam Bandt says Labor 'are climate charlatans'. NewsWire/ Glenn Campbell Credit: News Corp Australia Prime Minister Anthony Albanese has ruled out working with the Greens to form government. Jason Edwards / NewsWire Credit: News Corp Australia 'They talk up renewables but open up coal and gas. Labor are climate charlatans and the Liberals climate criminals,' he said. 'If you're worried about climate change, you can't keep voting for the same two parties and expecting a different result. 'If you want climate action, you have to vote for it, because it's clear Labor won't act on climate unless pushed.' The Greens have flagged four other key demands, including expanding Medicare to cover dental health, negative gearing and capital gains tax reform, ending logging in native forests, and free universal early childhood education. The Prime Minister has ruled out negotiating with the Greens to secure a minority government, but his pathways would be limited, based on the current make up of the House and Senate. Mr Albanese has also flatly rejected any changes to negative gearing, which housing reformists have identified as a major hurdle for first home buyers.
