CURRENT AFFAIRS

Detailed explanation-1: -On March 30, 2023, both houses of the Australian Parliament passed the Safeguard Mechanism (Crediting) Amendment Bill 2023.

Detailed explanation-2: -The Safeguard Mechanism is the Australian Government’s policy for reducing emissions at Australia’s largest industrial facilities. It sets legislated limits-known as baselines-on the greenhouse gas emissions of these facilities.

Detailed explanation-3: -Safeguard Mechanism reforms The legislation provides details on how the reformed scheme will be implemented, with the new arrangements taking effect from 1 July 2023. The reformed scheme will ensure that Australia’s largest emitters are contributing towards Australia’s emissions reductions task.