Executive Summary Australia sets a target to reduce emissions from 621 MtCO 2 -e in 2005 to 354 MtCO 2 -e in 2030 (DCCEEW, 2022a) . However, under the current effort, it is probable that Australia will emit 390 MtCO 2 -e in 2030 (DCCEEW, 2022b) . As deeper cut is fundamentally required, the Albanese government has just reformed the safeguard mechanism to further pressure the carbon emitters business to adhere closely to the Australia’s goal by strictly limit their caps. To achieve the national goal, it is expected that the new emission cap will be progressively tighten at least 4.9% per year (DPMC, 2023) . The mechanism is criticized as a ‘toothless tiger’ since emissions from fossil fuels-related industries ironically grow up (ACF, 2022) . Since 2005, the sectoral emission trends in stationary energy, transport, and fugitives have increased 27.4%, 13.2%, and 14.1%, respectively due to continued growth of production and export...