Shadow Foreign Affairs Minister warns climate safeguard mechanism threatens gas industry.

Authorities in Australia are warning businesses, particularly those in the gas industry, will be hit hard by a new climate safeguard mechanism. Championed by the centre-left Labor party and backed by the left-wing Greens, the legislation requires facilities producing over 100,000 tonnes of greenhouse gases a year to limit their net emissions. While sources suggest the bill will pass parliamentary approval, there are concerns the legislation will stifle investment in gas, affect Australian households’ access to gas and increase costs. Critics also claim the new mechanism is the “biggest carbon tax” ever introduced, with electricity prices set to rise under the new legislation.