Industry emissions surge despite Safeguard Mechanism
Energy sector analyst, RepuTex, has released a report finding that industry emissions (excluding electricity) have risen to 60% cent above 2005 levels and, on the current trajectory, the industrial sector is projected to surpass electricity as Australia’s largest emitting segment in 2023-24, growing to 110% above 2005 levels by 2030.
The report finds, the 450 high-emitting facilities operating under the Federal Government's Safeguard Mechanism are responsible for 60% of the nation's greenhouse gas emissions for 2019. These facilities, including 260 businesses, are in the electricity, mining, oil and gas, manufacturing, transport, and waste sectors.
Under the Safeguard Mechanism scheme, introduced in 2016, large facilities are able to increase their emissions baselines with no requirement to reduce or offset emissions growth.
The RepuTex Carbon Quarterly report, available by subscription, shows that while electricity emissions have fallen from 2005 to 2019, emissions in other sectors have also surged above 2005 levels: Oil & Gas (621% increase largely due to increased LNG emissions), Road Transport (122%), Aviation (54%) and Mining (41%) sectors.