Over the next financial year, we will be particularly focused on the implementation of the carbon pricing mechanism, in addition to our existing responsibilities, and will further integrate the administration of the schemes delivered by the Clean Energy Regulator.
The core systems and processes for emissions reporting, registration of emissions units and administration of the Renewable Energy Target were all in existence prior to the establishment of the Clean Energy Regulator. On the foundations of these mature systems, we are building the required capabilities to support the new functions to be undertaken by the Clean Energy Regulator. For example, implementation of the carbon pricing mechanism will substantially build on existing systems such as the Australian National Registry of Emissions Units.
The Australian National Registry of Emissions Units is the secure electronic system established in 2008 to accurately track the location and ownership of emissions units issued under the Kyoto Protocol. The system was enhanced in December 2011 to allow for the issuance and management of Australian Carbon Credit Units created through approved Carbon Farming Initiative projects. It was expanded again on 1 July 2012 to provide for the creation of carbon units under the Clean Energy Act 2011, and will be further expanded in September 2012 to provide for buy-back of freely allocated units. The registry will be updated on an ongoing basis to provide additional functionality.
Similarly, the Online System for Comprehensive Activity Reporting was adopted as the National Greenhouse and Energy Reporting data management tool in 2007. This system was enhanced to support reporting and disclosure of greenhouse and energy data for the 2011—12 reporting year. Work also commenced on development of the tool to support reporting for 2012—13, the reporting year in which the carbon pricing mechanism comes into effect.
The initial three months in operation of the Clean Energy Regulator were busy and productive. We look forward to our first full financial year and beyond, as we continue to work with our stakeholders and clients to support Australia's transition to a clean energy future.
Chair, Clean Energy Regulator
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.
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