The Australian Conservation Foundation (ACF) said it showed there was no point in the safeguard mechanism existing in its current form. The scheme was initially promised to stop increases in industrial emissions unreasonably wiping out cuts paid for through the ERF. Taylor has rejected suggestions the safeguard mechanism was a form of carbon pricing or would become one. McFadzean said: “Frustratingly, the safeguard mechanism actually has the basic architecture required to drive down industry emissions. They dipped slightly in the most recent greenhouse accounts, but industrial emissions continued to rise.

Source: The Guardian August 12, 2020 17:31 UTC