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Australia to introduce full-scale emissions trading around 2010; 700 companies must register under emissions reporting law

Posted by gmarkets on 25 September, 2007

One of the most pressing issues of the 21st century was the fight to reduce greenhouse gas emissions, said Liberal MP Judi Moylan in the Federal House of Representatives on 12 September 2007.

“Most comprehensive” scheme in world: “The emissions trading scheme, which will commence no later than 2012, is the most comprehensive emissions trading scheme in the world,” said Moylan. “Approximately 70 to 75 per cent of total emissions will be covered by this legislation. Industrial energy and mining emissions will be almost entirely covered, and the scheme will include large emitters as well as transport and other fuels.”

Bill simplifies reporting regime: Moylan said the National Greenhouse and Energy Reporting Bill 2007 would eliminate one of the fears that many in the industry had had – that the state and territory governments might develop systems to manage greenhouse emissions which would result in a highly undesirable hotchpotch of systems with a great deal of duplication of effort by those required to report. Multiple reporting requirements, such as had already begun to spring up, inflicted a high and unnecessary cost on the Australian economy, Moylan said. “This difficulty will be eliminated under this bill while still achieving all the necessary outcomes to reduce greenhouse gas emissions,” Moylan said.

700 companies to register: Moylan said: “Under this legislation, assessment results of the trials monitoring is to be verified around 2010. Australia will then introduce full-scale trading and establish links with other emissions trading systems. I believe that will produce many opportunities for Australia, although I can understand the anxiety that some in industry feel about having to report and reduce greenhouse gas emissions. There are some 700 companies who are expected to report on the greenhouse gas emissions, energy use and energy production outlined in this bill. They will be required to register with the scheme and report annually if their energy use or emissions are over a specified amount. An online system for comprehensive activity reporting will assist in this requirement and this system is being developed for the government’s Greenhouse Challenge Plus Program.”

Govt initiatives listed: Domestically, the government had committed $2 billion to address practical climate change initiatives, said Moylan, including investment in the Low Emissions Technology Demonstration Fund; support for the world’s largest carbon capture and storage project; and supporting solar innovation through the Solar Cities project. Other projects included:

• incentives to farmers to reduce emissions and avoid land clearing saving 1.3 million tonnes of emissions;

• a $3 billion commitment to renewable energy by 2010;

• a phase out of inefficient light bulbs saving four million tonnes of emissions; and

• the introduction of the mandatory renewable energy target.

Reference: Judi Moylan, Member for Pearce, Liberal Party of Australia, House of Represenatatives, Commonwealth, 12 September 2007 (on the National Greenhouse and Energy Reporting Bill 2007)

Erisk Net, 12/9/2007

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