The Albanese government has released its plan to revamp the safeguard mechanism – a Coalition policy that promised to reduce emissions from our biggest industrial polluters but actually resulted in the opposite. Labor has proposed a policy makeover. The government's plan will require big polluters to cut emissions by 5% a year until 2030, but will controversially allow them to continue buying carbon offsets from companies that pollute less. How the government regulates the safeguard mechanism is a big deal, given the polluting facilities included in the policy are responsible for 28% of the nation's emissions. If Australia is to meet its 43% emissions reduction target by 2030, this policy has to work.