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Glossary, abbreviations and acronyms

Glossary, abbreviations and acronyms

    22X reportersA group member that has agreed with its controlling corporation (and notified the Clean Energy Regulator of this agreement), to take on the controlling corporation's section 19 reporting obligations, must complete a final emissions report under s22X of the NGER Act. This report contains information about the agreed facility's scope 1 and scope 2 emissions and energy production and consumption.
    ACCUAustralian carbon credit unit
    ANREUAustralian National Registry of Emissions Units
    APSAustralian Public Service
    Benchmark priceThe maximum amount e would pay for emissions reductions at an auction
    BiomassBiomass includes the following fuel sources: agricultural waste, bagasse, biomass-based components of municipal solid waste, black liquor, energy crops, food processing waste, food waste, landfill gas, sewage gas and biomass-based components of sewage, waste from processing of agricultural products and wood waste.
    Buy-back*Buy-back is the mechanism through which the Clean Energy Regulator requested to buy-back free carbon units issued under one of the industry assistance programs (JCP and CFGAP).
    CancellationThe holder of one or more units may request the Clean Energy Regulator to cancel any or all of those units.
    Carbon dioxide equivalent CO2-eA measure of greenhouse gas emissions. Carbon dioxide equivalence is estimated by multiplying the amount of gas by the global warming potential of the gas.
    CreditingParticipants receive one ACCU for each tonne of CO2-e stored or avoided through registered Emissions Reduction Fund projects
    Controlling corporationAn entity that must register and report under the National Greenhouse and Energy Reporting Act 2007, as defined in section 7 of the Act.
    Delivery under the Emissions Reduction FundThis transaction refers to Australian carbon credit units transferred in the Australian National Registry of Emissions Units to make a delivery under a Carbon Abatement Contract.
    EAPEmployee Assistance Program
    ELExecutive Level
    ERFEmissions Reduction Fund
    Energy Security FundEnergy Security Fund Coal Fired Generators Assistance—
    Free Carbon Units scheme
    External (International) TransferExternal transactions refer to the transfer of Kyoto units to or from an overseas Kyoto registry (i.e. an international transfer between accounts).
    Fugitive EmissionsThe release of emissions that occur during the extraction, processing and delivery of fossil fuels.
    Internal (Domestic) TransferInternal transactions refer to the transfer of units between one holding account and other holding account(s) in Australia (i.e. a domestic transfer between accounts).
    IssuanceThe act of issuing units including Australian carbon credit units under the Carbon Credits (Carbon Farming Initiative) Act 2011 and international units in accordance with UNFCCC directions.
    Kyoto unitEmissions trading units defined under the Kyoto Protocol of the United Nations Framework Convention on Climate Change.
    NGERNational Greenhouse and Energy Reporting
    PetajoulesA petajoule is a standard unit of energy. For electricity, one petajoule equals 277.78 million kilowatt hours.
    Primary marketThe issuance of units or certificates by the Clean Energy Regulator directly to participants.
    Purchase and Surrender CU's*This transaction allowed the purchase of carbon units to meet emissions liability if required. Units could only be purchased to the value of the remaining liability. Once the transaction has been approved through a payment confirmation the requested number of units are issued but are immediately surrendered.
    REC RegistryRenewable Energy Certificate Registry
    RelinquishIn certain situations where excess units have been issued, a participant can be required to relinquish units; that is, return them to the Commonwealth. They include situations relating to reforestation, such as the voluntary withdrawal of reforestation projects from the Scheme and the issue of units as a result of fraudulent conduct by the recipient.
    RETRenewable Energy Target
    Reporting transfer certificate holdersA person that holds a reporting transfer certificate (RTC) must complete a final emissions report under s22G of the NGER Act. This report contains information about the RTC facility's scope 1 and scope 2 emissions and energy production and consumption.
    Safeguard mechanismThe safeguard mechanism ensures that emissions reductions purchased through the Emissions Reduction Fund are not offset by significant increases in emissions above business-as-usual levels elsewhere in the economy. It does this by encouraging large businesses not to increase their emissions above historical levels.
    Scope 1 emissionsThe release of greenhouse gas into the atmosphere as a direct result of an activity or series of activities (including ancillary activities) that constitute the facility. For example, the emissions produced when coal is burned at a power station are scope 1 emissions.
    Scope 2 emissionsThe release of greenhouse gas into the atmosphere as a direct result of one or more activities that generate electricity, heating cooling or steam that is consumed by the facility but that do not form part of the facility.
    Secondary marketThe market for units or certificates issued by the Clean Energy Regulator that occurs between two entities, not including the Clean Energy Regulator.
    Section 24(1) determinationA legislative instrument made by an authorised person, under section 24(1) of the Public Service Act 1999, ​which sets out terms and conditions of employment. A determination may apply to an individual employee or a group of employees.
    SESSenior Executive Service
    STC Clearing HouseSmall-scale Technology Certificate Clearing House
    Surrender*This transaction allowed eligible units to be surrendered from an Australian National Registry of Emissions Units account.
    Voluntary Waste Industry ProtocolThe voluntary Waste Industry Protocol has been developed to ensure early collected carbon charges are returned for consumer and environmental benefit. Under the carbon pricing mechanism, many landfill facility operators charged their customers for future carbon liabilities that were expected to accrue as the waste being deposited decayed over many decades.

    *Historical transaction

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