A dozen of Australia's big coal and gas companies created emissions equal to half of those emissions from Pacific Island nations between 2016 and 2021, according to a new Climate Council report.
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The data has renewed calls from green groups, including the Climate Council, for the Albanese government to tighten its draft Safeguard Mechanism amendments.
The Climate Council report dubbed the "Dirty Dozen" looked at the biggest emitters regulated under the federal government's Safeguard Mechanism.
The list is: Chevron Australia, Woodside Energy, Anglo American, Santos, BHP, Glencore Coal, Inpex, Shell Australia, ConocoPhillips, South32, Esso Australia and Centennial Coal.
Data found these companies combined for more than 287 million tonnes of emissions since 2016.
Energy generators such as AGL, which is Australia's biggest polluter, are exempt under the Safeguard Mechanism and monitored under a separate scheme.
Climate Council head of advocacy Jennifer Rayner said 40 per cent of emissions under the Safeguard Mechanism came from these 12 companies.
"This data illustrates that the Pacific countries are most impacted by climate change, but contribute little towards the problem compared to these 12 big companies," Dr Rayner said.
"If we get the Safeguard Mechanism reform right, it can deliver the biggest cuts to industrial emissions ever seen in Australia."
The Safeguard Mechanism was introduced under the Abbott government to apply a limit on the biggest 215 industrial polluters based on their historic emissions.
The Albanese government is proposing a revamp by requiring these companies to cut their greenhouse gas emissions intensity by an average of just under 5 per cent a year, with no limits on the use of carbon offsets
The government wants the new regime to start on July 1.
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Dr Rayner instead called for deeper reductions in order for Australia to reach its legislated 43 per cent targets by 2030.
She also raised concerns that the draft kept the door open for 100 new coal and gas projects in the pipeline.
"At the moment, the proposal states these companies can buy carbon offsets for 100 per cent of their emissions, but this is not providing a strong incentive for them to invest in new, clean technology," Dr Rayner said.
"An analogy is like giving the Climate Council a certain amount of money to throw your rubbish on the ground."
It comes as Greens leader Adam Bandt earlier this week described the proposed reforms as "greenwashing".
Mr Bandt foreshadowed that the party would be requiring the federal government to limit the use of offsets as well as any new coal and gas projects if it was to support the bill.
Meanwhile, the Liberals are likely to vote against a bill to create special safeguard mechanism credits, which means the government will need support from the Greens.
The Minerals Council of Australia had made a submission into the draft supporting the need to reach net zero emissions by 2050.
But it said there would be a significant risk and uncertainty to industry if the legislation went ahead without credits or trading.
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