A deal to save one of Anthony Albanese’s key election promises has been struck, paving the way for the government’s signature climate policy to become law.
After threatening for weeks to vote against plans to beef-up the safeguard mechanism the Greens on Monday agreed to pass the Bill in return for a hard cap on emissions from coal and gas.
The deal stops short of the minor party’s push for the end of all new coal and gas projects.
The cornerstone climate policy seeks to ensure the country’s 215 biggest polluters are reducing their emissions each year – or buy carbon credits if they fail to do so.
It’s a key component of Labor’s plan to reduce emissions by 43 per cent by 2030.
The Greens say the amendments they have secured will ensure at least half of the 116 fossil fuel projects in the pipeline won’t go ahead.
Leader Adam Bandt said the deal struck was a “big hit” on coal and gas but questioned why Labor had been so difficult on the matter.
“It’s crystal clear Labor wants to keep opening up new coal and gas mines. Now there is going to be a fight for every new project they want to open,” Mr Bandt said.
“They have the power to stop – if any new project opens from here on in it will be squarely on Labor’s shoulders.”
More to come
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