Greens to support Labor’s climate targets

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Last month, the Greens threatened to use their numbers in the Senate to block Labor’s 43% 2030 emissions reduction target, Today it confirmed that it will lend its support to the bill:

“While the government has been unwilling to adopt science-based targets and place a moratorium on new coal and gas, we have been able to secure improvements to the bill,” Mr Bandt told the National Press Club.

These included that the 2030 target to reduce emission by 43 per cent over 2005 levels could be ratcheted up but not down, greater accountability mechanisms to ensure the target was being met, and forcing key government agencies to take the target into account when approving projects…

Labor’s legislation to enshrine net zero emissions by 2050 and reduce emissions by 43 per cent over 2005 levels by 2030, is set to pass the lower house this week because the government has the numbers.

But its passage through the Senate when Parliament next sits in early September requires the Greens because it is opposed by the Coalition.

Good news. Get it done.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.