This week Labor’s central climate policy, ‘Safeguard Mechanism’, dropped, and what a disaster it is. The system is a marriage of the worst part of Labor and the Greens policy. The new bromance between Labor and Greens is hurtling Australian towards economic ruin, but doing nothing for what they claim are climate concerns.
The best deconstruction of the ‘safeguard mechanism’ came from Senator Malcolm Roberts who outlined why the bill is a fraud. He argued that the Labor government is putting a Liberal National Climate Policy on steroids to destroy Australia to appease their globalist masters.
The bill establishes a new form of carbon credits, or Safeguard Mechanism Credit Units (SMCs), which is essentially a carbon dioxide tax that will affect companies that produce goods in the country. However, the lack of detail in the bill is concerning as the amount of carbon dioxide that companies will have to reduce is undefined, and they will be forced to buy undefined carbon dioxide credits and pay an undefined carbon dioxide tax.
This Green/Labor bill will affect the country's production and make things more expensive, resulting in fewer goods being produced. This, in turn, will lead to unnecessary scarcity, which will only benefit the rich who can afford it. The government should focus on what's in the national interest and not force scarcity to appease foreign organisations.
The carbon dioxide credit industry is a scam. The government-appointed panel, which claimed to be independent, was not truly independent, and the Chubb review was a complete sham designed to pave the way for this bill. Australia is already at Net Zero, sequestering or sinking three times more carbon dioxide than it produces. Therefore, the author sees no reason why a carbon dioxide credit scheme is needed in the country.
The Safeguard Mechanism Crediting Amendment Bill 2022 is a fraud that will only benefit foreign organisations, predatory billionaires, and the rich, while hurting Australia's production and making things more expensive for everyone. Australia is already at Net Zero, and therefore, there is no need for a carbon dioxide credit scheme in the country.