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ACT greenhouse gas reduction benchmark recalculated: lower percentage of total NSW-ACT market, lower population growth

Posted by gmarkets on 15 September, 2007

The greenhouse gas abatement scheme was the single most effective greenhouse gas abatement measure currently available to the territory, said ACT Chief Minister Jon Stanhope in the Australian Capital Territory Legislative Assembly on 21 August 2007.

Scheme outlined: Stanhope said: “Under the Electricity (Greenhouse Gas Emissions) Act, the Independent Competition and Regulatory Commission is the scheme regulator in the ACT. One of the commission’s functions as regulator is to determine the greenhouse gas reduction target or benchmark for the ACT in any given year. The scheme is designed to reduce or offset greenhouse gas emissions associated with the production of electricity. It requires retailers of electricity in the ACT to procure an increasing component of their product from cleaner and greener means, thereby effecting large reductions in associated greenhouse gases.”

Targets met for 2006 compliance year: “The compliance of these retailers in 2005 achieved greenhouse gas emissions abatement of 316,362 tonnes,” Stanhope said. “This is the equivalent of the annual emissions produced by around 73,570 cars. In 2006, there were 14 licensed electricity retailers in the ACT. The report confirms that all ACT electricity retailers have met their obligations under the scheme for the 2006 compliance year.”

Statistics re-worked: “In 2006, the Independent Competition and Regulatory Commission recalculated the ACT’s percentage of the NSW-ACT market,” said Stanhope. “The result was a lower percentage than previously calculated, which in turn affects the benchmark level. In addition, the population has grown by less than expected, which has also affected the benchmark level as it is based upon emissions per capita. Consequently, there has been a reduction in emissions savings in 2006. A total of 207,379 abatement certificates were surrendered in 2006 under the ACT scheme. This is the equivalent to removing about 48,000 cars from the roads for a year.”

Joint scheme is working: “The greenhouse gas abatement scheme remains the single most effective greenhouse gas abatement measure currently available to the territory. It is supported by the climate change strategy and demonstrates how an inter-jurisdictional emissions trading scheme can work to reduce emissions,” Stanhope said.

Reference: MR Stanhope, Chief Minister of the Australian Capital Territory, Member for Ginninderra, ALP, Debates of the Legislative Assembly for the Australian Capital Territory, Daily Hansard, Edited proof transcript 21 August 2007. A copy of these proceedings can be accessed at
http://www.hansard.act.gov.au/hansard

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