David Pocock wants urgent action on carbon credit system ahead of vote on key climate policy

After years of the safeguard failing to cut pollution, Labor wants to change it so that most heavily emitting sites have to cut emissions intensity by 4.9% a year. Companies could meet targets by making cuts onsite or buying offsets, including Australian carbon credits.

The review said no future credits should be issued for any forest regeneration project until it was established that the criteria were being met.

But he said sequestering emissions in the land was not the same, or as effective, as preventing emissions from fossil fuels at the source.

He supported steps that would require coal and gas mines and production sites to cut potent methane emissions, which trap more heat than CO2. The International Energy Agency has suggested methane leakage from fossil fuel production is 63% higher in Australia than government and company estimates, but that a 75% cut was possible using affordable technology.

The government needs support from the Greens and at least two cross bench senators to pass its safeguard mechanism changes.