Coalition would repeal emissions disclosure laws for businesses
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The news: The opposition says it will repeal laws requiring businesses to report their greenhouse gas emissions if it wins the election, as Donald Trump’s imminent return to the White House adds uncertainty to global efforts to curb climate change.
The context: Opposition treasury spokesman Angus Taylor has confirmed the Coalition would wind back the laws, which he described as “bad laws” that would be made “even worse” under a Trump administration.
With the president-elect promising to wind back similar disclosure laws in the US, Taylor said maintaining them here would make foreign investment in Australia less attractive for business.
The Coalition opposed the laws when they were introduced last year, arguing they amounted to a $2.3 billion compliance tax on the Australian economy, were too onerous for small businesses, and undermined industry competitiveness.
The laws, which came into effect on Wednesday, require businesses to disclose their emissions alongside their financial statements and will be expanded next year, when companies will also need to disclose emissions generated by their suppliers and customers.
Similar laws have been enacted in the European Union, the UK and New Zealand.
Taylor’s announcement, first reported by The Australian Financial Review, puts pressure on the Albanese government to reveal its approach to climate change during a second Trump administration.
On social media platform Bluesky, Climate and Energy Minister Chris Bowen said the laws had "given businesses the policy certainty they need to create jobs and reduce emissions" after a decade of "climate chaos" under the Coalition.
The Albanese government had pledged to announce a 2035 emissions reduction target in March this year, but is now expected to delay that beyond the federal election, which must be held by May. Australia had been scheduled to make the announcement by March under its Paris Climate Accords obligations.
But Trump’s return poses serious questions about the accords’ viability after he withdrew the US from the pact during his first term. While President Joe Biden reversed that decision following his 2020 victory, Trump has pledged to reinstate it.
What they said: “The Coalition will unchain the nation from uncompetitive regulation that is great for creating bureaucracies but bad for building businesses. To get Australia back on track, we need a vibrant, private sector-led economy. Under Labor’s economy, all Australia will have left to export is regulation and red tape,” Taylor said in a statement.
The sources: Angus Taylor statement, The Australian Financial Review, Chris Bowen Bluesky
