Orica, the explosives giant that has embarked on one of the nation’s biggest industrial decarbonisation projects, is accusing Labor of reneging on a seven-year carbon crediting deal with the government under looming safeguard mechanism reforms.

With Labor rushing to finalise details of its cornerstone emissions scheme before it starts on July 1 for 215 of the biggest resources and manufacturing facilities in the country, the company says it has become the sole victim of a key element of the changes.