Inpex, TotalEnergies and Woodside will spend $165 million investigating a carbon storage site offshore from the Northern Territory, while Chevron and Santos will jointly assess CCS opportunities elsewhere.
In a decision that will have important ramifications for BlueScope, South32 today abandoned its second attempt to expand its Dendrobium metallurgical coal mine.
The Safeguard discussion paper shows Minister Bowen is considering action to prevent an over-supply of either Australian carbon credits, or the new Safeguard credits.
Carbon and energy analyst RepuTex has warned that setting Safeguard limits based on average industry emissions intensities would undermine the integrity of the system.
A new discussion paper says Safeguard emission limits will decline by up to 6% annually, and seeks responses about possible site-specific approaches to protecting competitiveness.
South32 has been asked to identify additional ways to cut greenhouse gas emissions from its proposed Dendrobium mine extension, and it must also provide an independent assessment of the risks to BlueScope if the project doesn't go ahead.
The Albanese government says its approach to legislating emissions targets doesn't expose it to the litigation risks that last month resulted in a British court ruling the UK government had breached its own Climate Change Act.
There will be winners and losers as the federal government moves to tighten Safeguard emission limits and some crucial decisions will need to be made on how baselines are set, according to carbon and energy analyst RepuTex.