We are seeking views on the exposure draft of legislation to enable reforms to the Safeguard Mechanism to help industry reduce emissions in line with Australia’s climate targets.
You can access the recently completed first phase of the consultation on options to reform the Safeguard Mechanism along with the submissions.
This is the second of three formal consultation opportunities on the reforms to the Safeguard Mechanism.
The Safeguard Mechanism (Crediting) Amendment Bill 2022 and the Carbon Credits (Carbon Farming Initiative) Amendment (Safeguard Facility Eligibility Requirements) Rules 2022 would:
- allow for the creation of tradeable Safeguard Mechanism credits
- ensure appropriate interactions for Emissions Reduction Fund projects at Safeguard Mechanism facilities under the new reforms
- provide for increased transparency of unit holdings and consistent frameworks for protection of information, in response to previous advice from the Climate Change Authority.
The Safeguard Mechanism is legislated through the National Greenhouse and Energy Reporting Act 2007. Consistent with the current legislative framework for the Safeguard Mechanism, the details of the reformed scheme will use subordinate legislation. The Government will consult on the proposed final detailed design of the reforms late 2022.
Read more about the proposed changes and submit a response on our consultation hub.
Submissions close 5:00pm AEST on Friday 28 October 2022.
Safeguard Mechanism Crediting bill opens for consultation: Minister’s media release
