Brad Wylynko, Clayton Utz - Direct Action – assessing the implications for WA as the Federal Government repeals the Carbon Tax in 2014

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Information about Brad Wylynko, Clayton Utz - Direct Action – assessing the implications...
News & Politics

Published on March 12, 2014

Author: informaoz

Source: slideshare.net

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Brad Wylynko, Partner, Clayton Utz delivered this presentation at the 8th Annual WA Power & Gas Conference 2014.

The conference represents a timely meeting for the industry to hear about the current changes affecting the WA energy and electricity market.

For more information, visit http://www.informa.com.au/wapowerconf14

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

www.claytonutz.com

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