Carbon pricing mechanism repeal
The Clean Energy Act 2011 has been repealed. This abolishes the carbon pricing mechanism from 1 July 2014. Liable entities must still meet their carbon price obligations for the 2013-14 financial year.
Content on the Clean Energy Regulator website will be progressively updated to reflect these changes. More information can be found on the carbon pricing mechanism repeal page.
In Australia, the voluntary carbon market is made up of individuals and organisations making voluntary commitments to offset carbon emissions, or producing carbon neutral goods and services under the National Carbon Offset Standard.
To access the voluntary carbon market, project proponents and willing buyers of ACCUs may establish a commercial relationship and deal directly with each other or use the services of a financial services provider.
These include brokers who arrange the sale of ACCUs, banks and other traders who can buy ACCUs, and organisers of collective pools of ACCUs to access wholesale market prices. When dealing with any of these service providers, you should make sure that your contact has an Australian financial services licence.
Another market, called the compliance market, will only be available until 2 February 2015.
The compliance market is underpinned by the requirement in the Clean Energy Act 2011 for certain entities, known as liable entities, to surrender one eligible carbon unit for each tonne of carbon dioxide equivalent emissions they have produced in a year.
The repeal of the Clean Energy Act 2011 and the termination of the carbon pricing mechanism established by that Act, means the compliance market for ACCUs under the carbon pricing mechanism will end on 2 February 2015.
Liable entities can continue to use ACCUs to meet their 2013 - 2014 financial year obligations under the carbon pricing mechanism until 2 February 2015.
The voluntary carbon market will continue to operate in Australia; facilitating the buying and selling of ACCUs.
For more information