EDITORIAL: Climate trigger dead, but it will still leave a mark

It was off, then it was on, then it was off and now it’s for real, definitely, 100 per cent off again.

The push from the Greens to include a so-called “climate trigger” in legislation to establish a Federal environmental protection agency is the JLo and Ben Affleck of Australian policy.

But finally, after days of back and forth, including Environment Minister Tanya Plibersek publicly flirting with the idea, putting her at direct odds with the Prime Minister, the trigger is now finally dead and buried.

Ms Plibersek was playing a dangerous game of brinkmanship when she repeatedly said that she would negotiate with anyone in the Senate, including the Greens, to get the EPA laws passed.

It was a ham-fisted attempt to wedge the Coalition into returning to the negotiating table after Peter Dutton had seized the political opportunity to deny the Government a win, however small, by refusing outright to play ball.

Thankfully, common sense has finally prevailed, with Ms Plibersek now closing the door on the climate trigger — apparently this time for good.

That brings her back in line with Anthony Albanese, who was so desperate to avoid being seen as being held to ransom by the Greens that he was willing to offer to strip the EPA back to being a compliance-only model in order if only the Coalition would agree to pass the Government’s legislation.

Ms Plibersek says she’s still determined to get the EPA up and running in some form and is continuing to negotiate with senators of all stripes to make that a reality.

If you’re exhausted reading about the back and forth of this dud policy, spare a thought for the industries which will be at its mercy.

Business repeatedly warned that a climate trigger would pose a grave threat to the Australian economy. Analysis from the Institute of Public Affairs found that it could put more than $227 billion of investment at risk.

And all that would be for little environmental gain. By Ms Plibersek’s own admission, a climate trigger is unnecessary because emissions are already covered through Labor’s safeguard mechanism reforms introduced last year.

Business will today be breathing a heavy sigh of relief.

But there’s still the threat that a new EPA could open up new avenues of lawfare to green activists, tying up productivity-boosting projects in legal limbo for months or years.

And every delay, every extra layer of green tape and every skerrick of policy uncertainty makes Australia less competitive globally and erodes investor confidence in our nation as a safe place to do business.

That puts the future of projects crucial to Australia’s energy transition at risk.

The climate trigger saga has also given us a worrying glimpse into the dubious horse trading that could occur after next year’s election should Labor form minority government with the support of the Greens.

Let’s hope that unlike Ben Affleck and JLo, that’s a union that doesn’t get a second chance.