Published on March 12, 2014
Direct Action - the implications for WA Brad Wylynko 12 March 2014 © Clayton Utz
Status of carbon law in Australia • Clean Energy Act 2011 (Cth) • Reporting obligations • Emissions liability • Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 • Cancellation of permit auctions • Transitional arrangements
Status of carbon law in Australia • New Federal Senate (July 2014) Source: Australian Government Department of Environment - www.climatechange.gov.au
Direct Action Plan • Emissions Reduction Fund (ERF) • Green Paper - public comments closed 21 February 2014 • White Paper
Emissions Reduction Fund • 1 July 2014 - 2020 • Incentive scheme • $300 million available to purchase lowest cost emissions avoidance or abatement • Designed to allow "business-as-usual"
Emissions Reduction Fund • Similarities with UNFCCC Clean Development Mechanism (CDM) • "Additionality" • Approved methodologies • Builds on existing Carbon Farming Initiative (CFI) • Creation of Australian Carbon Credit Units
Emissions Reduction Fund • Government will operate a procurement process • Forward contracts (5 years) • Safeguard mechanisms
Implications • Opportunities to create ACCUs • Still a number of issues: • Coverage: scope 1 & scope 2? • Baselines: intensity v absolute
Implications • Unwinding existing arrangements • carbon clauses • change in law clauses • Transitional arrangements • Considering future carbon cost pass-through
Brad Wylynko, Partner, Clayton Utz delivered this presentation at the 8th Annual WA Power & Gas Conference 2014. The conference represents a timely meeting ...
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