Under section 65 of the
National Greenhouse and Energy Reporting (Safeguard Mechanism) Rule 2015 (Safeguard Rule), responsible emitters may apply for a
multi-year monitoring period to be declared in relation to a facility.
Where a multi-year monitoring period has been granted, the baseline emissions number for the facility is calculated as a single baseline number that applies across the entire multi-year monitoring period. At the end of the period, aggregate covered emissions for the two or three year period (plus or minus any Australian carbon credit units (ACCUs) issued or surrendered) are compared against this baseline number to determine whether the facility is in an excess emissions situation.
Note that in response to the coronavirus (COVID-19) pandemic, amendments were made in May 2020 to the
National Greenhouse and Energy Reporting (Safeguard Mechanism) Rule 2015. This includes allowing responsible emitters to opt-in to extend a multi-year monitoring period that ceased on 1 July 2020, by one year.
Lower estimate: 270,000
Upper estimate: 350,000
The above estimate does not equate to an estimate of current demand for ACCUs at a given point in time. The number of ACCUs surrendered will include ACCUs that are already held by responsible emitters or covered by Emissions Reduction Fund contracts already in place.
We are required to publish an estimate of the total number of ACCUs likely to be surrendered by facilities with multi-year monitoring periods during the next three years.
Preparation of the estimate is a data driven exercise, based predominantly on information provided by responsible emitters in applications. It should be viewed as indicative only.
The estimate has been derived by summing any estimated exceedances for facilities with multi-year monitoring periods that end over the period up to 30 June 2023, not including ACCUs already surrendered from completed MYMPs in the 2020-21 financial year, using the following inputs for each facility:
The table below is a list of all multi-year monitoring periods and details of the facilities they relate to.
For the full data table, please download
documentasset:Safeguard multi-year monitoring period table.
In response to the coronavirus (COVID-19) pandemic, amendments were made in May 2020 to the Safeguard Rule. This includes allowing responsible emitters to opt-in to extend a multi-year monitoring period that ceases on 1 July 2020, by one year. As a result, this table now has ‘Year 4’ columns to reflect information for facilities that chose to use the extension. This measure is only in place for 2020-21.
The Year 1, 2 and 3 'Covered emissions' and 'Baseline number' columns will be updated each year to reflect the numbers that would apply to each facility if the multi-year monitoring period did not exist. The 'Covered Emissions (Cumulative)' column will be updated each year to reflect the total covered emissions for the facility, over the multi-year monitoring period. Prior to the end of a multi-year monitoring period, these columns can be used to follow a facility's progress across the multi-year monitoring period but cannot be used to determine whether the facility has exceeded its baseline.
For example, in the second year of a three-year multi-year monitoring period, the 'Covered Emissions (Cumulative)' column will be the sum of the Year 1 and 2 'Covered emissions' columns. The facility will still have another year's emissions to be added to see whether the facility meets its obligations.
The 'MYMP net emissions number' is the total covered emissions from the facility over the entire two or three period, plus or minus any Australian carbon credit units issued or surrendered over the period. This column will show as 'n/a', until the multi-year monitoring period has been completed.
Where a multi-year monitoring period has been granted, the baseline for the facility is calculated by dividing the total of the baselines that would apply to the facility in each year of the multi-year monitoring period, by the total number of days in the multi-year monitoring period. This single baseline applies to the two or three -year period. The 'MYMP baseline number' column will show as 'n/a', until the multi-year monitoring period has been completed. Note that due to 2019-20 being leap year, all 2019-20 baselines are adjusted to include the additional day.
At the end of the monitoring period, the 'MYMP net emissions number' is compared against the 'MYMP baseline number' to determine whether the facility is in an excess emissions situation.
At the end of a multi-year monitoring period, the 'MYMP status' will be marked as 'Complete'.
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