Draft Bill to bring forward Emissions Trading Scheme
Friday 16 August 2013 @ 9.33 a.m. | Legal Research
The Government released an exposure draft of the Clean Energy Legislation Amendment (Emissions Trading Scheme) Bill on the 25 July. Submissions have since closed as of the 15 August. The draft amendments are mainly procedural and technical in nature with the purpose of bringing forward the start of emissions trading by one year.
The amendments introduced by the draft bill propose to start the emissions trading scheme on the 1 July 2014. The bill would amend the Clean Energy Act 2011, the Australian National Registry of Emissions Units Act 2011, the Excise Tariff Act 1921 and the Fuel Tax Act 2006.
This change will establish binding annual limits (pollution caps) on Australian industry’s greenhouse gas emission from 1 July 2014 onward. By this, Australian can ensure that as a country, it would meet its international emissions reduction targets under the second commitment period of the Kyoto Protocol and under the United Nations Framework Convention on Climate Change. The change will end the fixed-price period of the carbon pricing mechanism and bring the Australian carbon price into line with the carbon price prevailing under the European Union Emission Trading System.
TimeBase is an independent, privately owned Australian legal publisher specialising in the online delivery of accurate, comprehensive and innovative legislation research tools including LawOne and unique Point-in-Time Products.
