The Safeguard Mechanism (SM) was established as part of the federal Emissions Reduction Fund in 2016. The mechanism places a legislated obligation on Australia’s largest greenhouse gas emitters (facilities with direct scope 1 emissions of more than 100,000 tonnes of CO2 equivalent per year) to keep net emissions below their emissions baseline. The baseline was initially set based on the highest level of reported emissions for a facility from 2009-14. The federal Government released two consultation papers in March 2018 and September 2018 aimed at bringing emissions baselines up-to-date.
Emissions Trading; GHG Emission Regulation
In March and September 2018, the federal Department of the Environment and Energy received over 50 submissions from industry and other organizations to two consultation papers on the operation of the Safeguard Mechanism. In March 2019, the Safeguard Mechanism was updated to bring emissions baselines up to date and allow them to keep pace with business growth, thereby increasing the amount of emissions allowed per facility. The federal government also accepted a recommendation under the King Review to introduce 'Safeguard Mechanism Credits', providing tradeable credits for facilities which reduce emissions below their emissions baselines by undertaking "transformative abatement projects".
The table below lists the entities tracked by InfluenceMap which have publicly engaged with the policy. InfluenceMap tracks around 300 companies and 150 industry associations globally. Each entity links back to the entities’ full InfluenceMap profile, where the evidence of its engagement can be found.
|Influencemap Performance Band||Organization||Engagement Intensity|
|D+||BHP||37||Metals & Mining||Oceania|
|D||Rio Tinto Group||35||Metals & Mining||Europe|
|D-||Glencore International||24||Metals & Mining||Europe|
|D+||Business Council of Australia||48||All Sectors||Oceania|
|E+||Australian Petroleum Production & Exploration Association (APPEA)||38||Energy||Oceania|
|E+||Minerals Council of Australia (MCA)||43||Metals & Mining||Oceania|
|E+||Australian Chamber of Commerce & Industry||18||All Sectors||Oceania|
|C||Australian Industry Group (Ai Group)||51||All Sectors||Oceania|