They folded after winning concessions from the government which will make producing coal and gas more expensive
Australia’s lower house on Monday passed an emissions reduction plan with curbs on some new gas and coal investments and a cap on total greenhouse gas emissions from the country’s biggest polluters after a key deal with the Greens Party.
The “Safeguard Mechanism” reform legislation is key to the Labor government’s pledge to cut emissions by 43% by 2030 in a country that ranks as one of the world’s biggest carbon emitters per person.
Weeks of talks with the Greens Party, whose support is needed in the upper house Senate, yielded changes including a hard total emissions cap, ministerial review for projects that raise total emissions and compulsory disclosures for polluters that rely heavily on carbon offsets to meet their targets.
The updated legislation requires all new gas projects in the Beetaloo Basin to have net zero carbon emissions and new gas fields supplying existing liquefied natural gas (LNG) plants to have net zero reservoir emissions, imposing new costs. This does not include the emissions from customers burning the gas.
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Australian Greens leader Adam Bandt said “coal and gas have taken a huge hit” and “we’ve derailed the Beetaloo and Barossa gas fields”.
But the Greens gave up their demand that Australia stops approving new fossil fuel projects.
The International Energy Agency has said that new fossil fuel projects are not compatible with limiting global warming to 1.5C.
Former Green leader Bob Brown said new fossil fuel projects were a “a colossal mistake”. But, he said the hard cap on
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