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The Clean Energy Act 2011 has been repealed.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.
Clean Energy Act 2011
The Clean Energy Act 2011 sets up the carbon pricing mechanism and provides for industry assistance programs, the Jobs and Competitiveness Program and the coal-fired electricity generation assistance package.
It also contains rules for who is covered by the carbon pricing mechanism, what sources of carbon pollution are included, the surrender of emissions units, caps on the amount of carbon pollution from 1 July 2015, international linking, monitoring, enforcement, and appeal and review provisions.
National Greenhouse and Energy Reporting Act 2007
The National Greenhouse and Energy Reporting Act 2007 (NGER Act) establishes the legislative framework for the NGER scheme, which is a national framework for reporting greenhouse gas emissions, greenhouse gas projects and energy consumption and production by corporations in Australia.
Clean Energy (Consequential Amendments) Act 2011
The Clean Energy (Consequential Amendments) Act 2011
makes amendments to other laws to ensure that the carbon pricing mechanism is integrated with existing regulatory schemes and processes, including the National Greenhouse and Energy Reporting (NGER) scheme, the Carbon Farming Initiative (CFI), the Australian National Registry of Emissions Units (ANREU), the regulation of financial services and competition and consumer laws.
A number of procedural Acts implement those aspects of the carbon pricing mechanism that require persons to pay money. These Acts are:
Climate Change Authority Act 2011
The Climate Change Authority Act 2011 establishes the Climate Change Authority from July 2012. The Climate Change Authority is to conduct reviews under the:
- Clean Energy Act 2011
- Carbon Credits (Carbon Farming Initiative) Act 2011
- National Greenhouse and Energy Reporting Act 2007, and
- Renewable Energy (Electricity) Act 2000.
Regulations relevant to the Carbon Pricing Mechanism
The following regulations and legislative instruments are particularly relevant for the Carbon Pricing Mechanism:
Includes a range of provisions necessary for the operation of the Carbon Pricing Mechanism including details of the Jobs and Competitiveness Program and application requirements for a range of decisions under the Kyoto Protocol.
This includes details of the operation of the Australian National Registry of Emissions Units as it applies to the Carbon Farming Initiative and the carbon pricing mechanism.
The links are to concise description of the characteristics of Certified Emission Reductions, Emission Reduction Units, removal units, carbon units and Australian Carbon Credit Units. These statements are published, and will be kept up to date, under section 61 of the Australian National Registry of Emissions Units Act 2011.
They are not a Product Disclosure Statement within the meaning of Part 7.9 of the Corporations Act 2001.
For more information about the legislation, including the text of the bills as passed, explanatory memorandums, second reading speeches and parliamentary debates, please visit the relevant bill homepage on the Australian Parliament's website.
All legislation is available on ComLaw.