Coalition blocking the ‘best shot’ at net zero success: business

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Big business has urged the opposition to back the government’s safeguard mechanism, warning bipartisan support was needed to secure investment for the transition.

, warning a lack of bipartisan support could jeopardise the enormous private investment needed for the clean energy transition.

The safeguard mechanism will apply to the 215 heaviest emitters that currently produce more than 100,000 tonnes of CO2 a year, and requires them to reduce aggregate emissions by 5 million tonnes a year to collectively achieve net zero emissions by 2050. Mr Reed said major party bipartisanship was essential to provide investment certainty to secure the energy transition.

“There will be aspects associated with the design [regarding trade exposure] but they are really in the detail. We think we should get on with that and move forward. We support the safeguard mechanism.” “Certainly for some sectors, there is a ... very different story. And that’s been the private conversations that we’ve had with some of those CEOs and some of the boards who are deeply concerned about where their company, where their industry is tracking,” he said.Advertisement

 

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