Federal Energy Minister Chris Bowen and the Greens have agreed on amendments to the Safeguard Mechanism including a requirement for net zero scope 1 emissions for new gas projects, separate methane and nitrous oxide reporting, and mandatory explanations for high offset use.
The Australian Sustainable Finance Institute's has released its final sustainable taxonomy recommendations and says there was overwhelming support from stakeholders for a framework which guards against greenwashing and supports capital flow into sustainable economic activities.
In a dissenting report to the Senate's recommendations on the Safeguard Mechanism (SM) reforms, the Greens have remained steadfast in their position, urging the senate not to pass the Bill "given the danger that new coal and gas projects pose to a stable climate."
AGL Energy Limited was Australia's biggest emitter for FY22, while emissions from oil, gas and LNG increased by 3.3 million tonnes, according to the latest National Greenhouse Energy Reporting (NGER) data.
The development of a congestion relief market (CRM) and a review of the national hydrogen strategy were among the top priorities agreed upon at the first Energy and Climate Change Ministerial Council (ECMC) meeting, held last Friday.
While businesses might be saying publicly they support the government’s proposed changes to the Safeguard Mechanism, Coalition spokesperson on climate change and energy, Ted O’Brien, says privately, "numerous" businesses in a range of industries have approached his office and urged the Coalition to campaign against the changes.
Concern over Australia's net zero targets is rising among climate experts and environmental groups following the release of the Chubb Review report and the federal government's draft Safeguard Mechanism reforms.
The federal government is calling for feedback on its proposed Guarantee of Origin scheme, which would provide an internationally-aligned framework to verify green commodity claims and a certificate mechanism for renewable energy.
The Australian Sustainable Finance Institute has released its recommendations for the development of an Australian Sustainable Finance Taxonomy to guide public company reporting of climate impact and sustainability initiatives.