NSW planners prepare to close NGACs system; prepare for transition to national emissions trading
Posted by gmarkets on 10 September, 2007
The announcement by the Prime Minister in early June that the Commonwealth Government will introduce a national emissions trading scheme follows the announcement in February by all state and territory leaders that their governments would, in the absence of a Commonwealth commitment, implement a national emissions trading scheme by the end of 2010, reported GGAS Newsletter, Issue 5 (10/9/2007). Transition to national scheme: “Clearly it is now highly likely that Australia will, one way or the other, have a national cap and trade emissions trading scheme within the next five years. Both proposals make clear that the ongoing operation of GGAS would be inconsistent with a national scheme and that transition arrangements will be necessary. The GGAS Scheme Administrator will work with relevant policy agencies as required in assisting with the development of transition proposals,” the newsletter said.
13.8m certificates surrendered: “During 2006 there was a very high level of compliance with Scheme requirements by both benchmark participants and accredited certificate providers,” reported the newsletter. “All benchmark participants have reduced or offset their emissions to their benchmark levels in 2006 or have carried forward a small shortfall. These offset obligations were met through the surrender of 13,802,181 abatement certificates (or their equivalent in Renewable Energy Certificates) representing abatement of an equivalent number of tonnes of carbon dioxide equivalent. …At the end of 2006, there were 167 accredited abatement certificate providers eligible to create abatement certificates, an increase from 146 providers accredited at the end of 2005. This represents a growth in participation in the Scheme by organisations undertaking activities to reduce emissions or enhance the removal of greenhouse gases.”
Numbers of certificates almost double: “These projects created almost 20 million abatement certificates during 2006, which is almost double the 10 million created in 2005. In 2006, the NSW Government extended the Scheme to 2021 or until the establishment of a national emissions trading scheme.” An electronic copy of the report can be downloaded from the Scheme website at http://www.greenhousegas.nsw.gov.au/documents/syn59.asp.
Reference: GGAS Newsletter, Issue 5, September 2007
Erisk Net, 10/9/2007