Fossil fuel corporations have already planned production to 2030 that will exceed the global carbon budget by 120%, writes Peter Boyle.
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The federal government has now spent $1.22 billion on its “Direct Action” policy that is supposed to reduce greenhouse gas emissions but will actually allow them to increase. The results of the government's second round of emissions reverse auctions under the Direct Action scheme were released on November 12, revealing that the Clean Energy Regulator had paid $557 million to companies in return for emissions cuts of 45 million tonnes of CO₂. The first auction, in April this year, spent $660 million to buy 47.3 million tonnes.