The Australian Parliament created landmark new laws Thursday that will make the nation’s biggest greenhouse gas polluters reduce their emissions or pay for carbon credits. Know more:
CANBERRA, Australia—The Australian Parliament created landmark new laws Thursday that will make the nation’s biggest greenhouse gas polluters reduce their emissions or pay for carbon credits.
The laws create Australia’s first price on carbon since a former Labor government created a carbon tax in 2012. A conservative government repealed that tax in 2014 and has since rejected any climate policies that would make polluters pay. The Liberal Party and the Nationals party, which formed the conservative coalition government that was voted out of office in 2022 after almost a decade in power, opposed the legislation.
The government argues that without the mechanism, Australia would only reduce its emissions by 35 percent by the end of the decade. The conservative parties created the Safeguard Mechanism when they were in power in 2016. But the emission limits were so high that the 215 major polluters, which account for almost 30 percent of Australia’s emissions, were able to increase their emissions by 4 percent.
The previous government had set a less ambitious target of reducing Australia’s emissions by 26 percent to 28 percent below 2005 levels by 2030.
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