Senate debates

Wednesday, 29 March 2023

Bills

Safeguard Mechanism (Crediting) Amendment Bill 2023; In Committee

6:42 pm

Photo of Susan McDonaldSusan McDonald (Queensland, National Party, Shadow Minister for Resources) Share this | Hansard source

If the modelling would imply that the compliance will be 100 per cent, there are resources companies that have identified that the technology is not yet available to them to allow them to make the transition, particularly from diesel, from new motors, that would allow them to comply with the—

I'm sorry, if you're listening to something, I don't want to interrupt you. Should I give you a second? What I was asking, Minister, is that resources projects have advised me that they are on a pathway to emissions reduction, net zero, but that the technology that would allow them to convert from diesel to new motors won't be available to them by the 2030 time frame. One of those emitters told me that it would be a $50 million penalty that they expect the safeguard mechanism will cost them. I'm trying to understand, in the extensive consultation that has happened between the department and resource companies, if there is an understanding of the cost impact across the 215 big emitters, given that we have companies that have themselves modelled the costs that they will incur.

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