Labor agrees to absolute cap on emissions to secure Greens backing for safeguard mechanism climate bill

The Labor party has agreed to an absolute cap on emissions in order to secure the backing of the Greens for its proposed safeguard mechanism climate bill.

The bill will require companies to monitor and report their greenhouse gas emissions, and set limits on the amount of pollution they can produce.

The agreement between Labor and the Greens, which was announced today, will see the cap on emissions set at a level that will ensure the country meets its Paris Agreement targets.

Labor leader Anthony Albanese said the agreement was an important step in Australia's efforts to tackle climate change.

“This agreement shows that Labor is serious about taking action on climate change,” he said.

“It's an historic moment and I'm proud that we have been able to reach a consensus on a way forward.”

The Greens leader Adam Bandt said the agreement was a victory for the environment.

“This agreement puts a limit on the amount of pollution that companies can emit, and ensures that we are on track to meet our Paris Agreement targets,” he said.

“It's a win for the environment and a win for the Australian people.”

The agreement is a major step forward in the government's efforts to tackle climate change, and is expected to be passed by the Senate in the coming weeks.

Once passed, the legislation will put in place a framework that will help Australia reduce its emissions and meet its Paris Agreement targets.

The agreement between Labor and the Greens is a sign that the two parties are willing to work together to address the climate crisis, and is a major step forward in Australia's fight against global warming.