Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

Thank you, Senator Waters, for the question. Yes, the intent is that net and gross emissions are reduced. So the government, as you know, has legislated our 2030 targets, and these amendments in this bill before us now apply a proportionate share of those targets to the safeguard sector. This is a budget of 1,233 million tons of emissions from 30 June 2020 to 30 June 2030 and a single year amount of 100 megatons in 2030. These are net targets, which include the use of offsets.

We are also committed to reducing gross emissions overall from safeguard facilities tested on a five-year, rolling-average basis, and this bill is crucial to that task of reducing onsite emissions as it creates safeguard mechanism credits.