The emissions of the nation's 215 biggest polluters - miners, LNG companies, Qantas etc - will have a legislated yearly cap of 140 megatonnes of pollution. A commitment and a starting point with net total emissions under the plan expected to be below 100 megatonnes in 2030. If it does not happen, the minister has to intervene.

It is all going to happen much more transparently now, particularly for those controversial carbon offsets. New fossil fuel players can't come in and blow the emissions budget.

"Every business now needs to get its skates on," Jennifer Rayner from the Climate Council told The Canberra Times.

She explained this is an absolute cap and not a net cap where carbon offsets are bought and the polluters keep on polluting.

"It is genuinely looking at what companies are producing and ensuring that that doesn't increase above that level," she said.

"What's important now is that the Parliament has been able to come together and reach this deal, which means that Australia's era of climate gridlock is over."

It feels like Labor and the Greens have come a long way since 2009 when Kevin Rudd's carbon pollution reduction scheme was killed off.

But the Greens had significant voices, including founder and former leader Bob Brown, urging them to hold out on the key demand of no new coal and gas mines.

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The Greens, under Adam Bandt, have been accused of folding during negotiations in the 47th Parliament, but they believe they have the best deal possible, as this is a "big hit on coal and gas that has been delivered by the Greens".

Climate Change Minister Chris Bowen is less generous but grateful, saying "we always wanted aggregate pollution, absolute pollution, to come down" and that the deal strengthens accountability, transparency and integrity of the scheme, while providing extra support for strategic manufacturing industries.

He has also indicated he can amend the rules as minister.

The Labor-Greens deal shows the teal independents were not players in one of their key election platforms, with no government love for their many noble amendments.

ACT independent David Pocock and the Lambie senators are now in the box seat.

And the Coalition, ignoring the weekend drubbing in NSW and not long ago loss federally, is winding up the hyperbole.

"This is the most punitive carbon tax in the world bar none," the opposition's climate spokesman Ted O'Brien tried with reporters. It is not the Coalition's safeguard mechanism anymore, he said, it is a "Trojan horse" as it has been "completely changed".

Decarbonising is OK, but not this way.

"We're going to see, ultimately, businesses close," Mr O'Brien said. "This caps Australian industry. It caps growth."

Does it?

Australia is staring down 2030. The year the nation has set the significant net zero reduction target of 43 per cent below 2005 levels is less than seven years away. The energy transition is underway. It has to be.