Administration of the Australian National Registry of Emissions Units.
The Australian National Registry of Emissions Units is an online electronic system designed to meet one of Australia's commitments under the Kyoto Protocol. The protocol requires each country that has an emissions reduction target to establish a national registry to ensure the accurate accounting of the issuance, holding, transfer, acquisition, cancellation, retirement and carry-over of eligible Kyoto units.
In addition to performing this international function, the Australian National Registry of Emissions Units supports the issuance, holding, transfer, surrender and relinquishment of Australian carbon credit units issued under the Carbon Farming Initiative.
It also supports the issuance, holding, transfer, surrender, buy-back and relinquishment of carbon units issued under the Jobs and Competitiveness Program and the Energy Security Fund, and the purchase and surrender of carbon units by liable entities under the carbon pricing mechanism.
The Australian National Registry of Emissions Units was developed and implemented in accordance with the technical and security standards required of all national registries under the Kyoto Protocol, which ensures that it complies with the international emissions unit trading framework established under the protocol.
An entity that has a liability under the carbon pricing mechanism is required to have an Australian National Registry of Emissions Units account to purchase and surrender units to acquit that liability. In 2013–14, the Australian National Registry of Emissions Units was linked to the Emissions and Energy Reporting System so that emissions information reported by an entity is reflected as a liability in the entity's Australian National Registry of Emissions Units account. A liability position is also displayed in each liable entity's account, reflecting surrender transactions that have occurred and the net unit liability that still needs to be acquitted.
Organisations or individuals are required to have Australian National Registry of Emissions Units accounts if they wish to hold (own) or transact in (transfer, cancel, surrender or relinquish) Kyoto units, Australian carbon credit units or carbon units.
At 30 June 2014, the Australian National Registry of Emissions Units had 744 accounts set up for organisations and individuals and 1,209 users associated with those accounts. All entities with liabilities under the carbon pricing mechanism had an Australian National Registry of Emissions Units account. Table 3.11 details the transactions involving emissions units that occurred in the Australian National Registry of Emissions Units in 2013–14.
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