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					</table><p>Australia has passed the Safeguard Mechanism (Crediting) Amendment Bill 2023 to encourage its biggest carbon polluters to cut their greenhouse gas emissions or purchase carbon credits.</p>
<p>The mechanism places a legal obligation on companies that emit over 100,000 tons of carbon dioxide equivalent per year to keep their emissions below a set baseline determined by their historical emissions.</p>
<p>They must purchase carbon credits to offset their excess emissions if they exceed their baseline.</p>
<p>The legislation makes it easier for companies to purchase credits by allowing them to receive credits for activities that reduce emissions beyond what the law requires.</p>
<p>The program will allow companies to earn credits for reducing emissions through activities such as reforestation and soil carbon sequestration, which the Safeguard Mechanism does not currently cover.</p>
<p>The amendment to the existing legislation will come into effect on July 1, 2023. The Safeguard Mechanism was introduced in 2016 as part of Australia&#8217;s efforts to meet its emissions reduction targets under the Paris Agreement.</p>
<p>The law is intended to work alongside other emissions reduction measures, such as the Emissions Reduction Fund, which provides funding for projects that reduce emissions.</p>
<p>These credits can be sold to other companies to help them meet their obligations under the Safeguard Mechanism.</p>
<p>Australia has faced international criticism for its high levels of greenhouse gas emissions, particularly from coal-based electricity generation. The government has set a net-zero emissions target by 2050, but critics say that more is needed to achieve this goal.</p>
<p>The legislation represents a step towards reducing Australia&#8217;s greenhouse gas emissions by placing greater responsibility on the country&#8217;s largest emitters.</p>
<p>In the Budget for 2022-23, the Australian government <a href="https://www.mercomindia.com/australia-commits-16-billion-clean-energy-spending-2026" target="_blank" rel="noopener">committed</a> AU$25 billion (~$16.2 billion) in clean energy spending over the next four years.</p>
<p>Decarbonizing the global energy system will <a href="https://www.mercomindia.com/global-additional-investment-every-year" target="_blank" rel="noopener">need</a> over $1 trillion more every year, over and above the current level of capital financing, said UK-based asset manager Legal and General Investment Management.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Australia to Enforce Emission Cuts on Biggest Polluters with New Law

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