The Australian Government is seeking public feedback on options for the planned Emissions Reduction Fund safeguard mechanism.
The safeguard mechanism will ensure that abatement achieved under the Emissions Reduction Fund (ERF) is not offset by rises in emissions elsewhere in the economy.
Implementation of the crediting and purchasing components of the ERF are already underway, with the first auction to open on 15 April 2015.
The safeguard mechanism consultation paper released today incorporates views from across the community, including feedback received from businesses and community groups during the extensive consultation on the ERF Terms of Reference and Green Paper.
Businesses and the community are invited to make a submission on the safeguard mechanism public consultation paper by 27 April 2015.
The Government will consider this feedback in making final policy decisions on safeguard design, and will then release draft legislative rules for further comment.
The rules will be finalised in late 2015 and the safeguard mechanism will commence on 1 July 2016.
The ERF is the centrepiece of the Australian Government’s efforts to tackle climate change.
The ERF will help drive private sector investment to achieve emissions reductions. The important thing is that emissions reductions are real, measurable and additional to business as usual.
Figures released this week by the Department of Environment show we will easily meet our commitment to reduce Australia’s emissions by five per cent from 2000 levels by 2020.
Under Labor, Australia’s abatement challenge to achieve the five per cent target was forecast to be 1,335 Mt CO2-e in 2008. This has now fallen to 236 Mt CO2 e.
We will achieve our emissions reduction targets, but unlike Labor, we’ll do it without a multi-billion dollar job-destroying carbon tax.
Further information on the Emissions Reduction Fund is available at: www.environment.gov.au/emissions-reduction-fund