The Government has repackaged the proposed mechanism as part of a wider climate change plan – Securing a Clean Energy Future – which places more emphasis on renewable energy, energy efficiency and Government assistance than the disbanded Carbon Pollution Reduction Scheme.
The four elements of the plan are:
The Government has re-affirmed its commitment to achieve at least a 5% reduction in Australia’s greenhouse gas emissions by 2020 (from 2000 levels) and is now proposing a target of an 80% reduction by 2050 (from 2000 levels), in line with targets in the United Kingdom and Germany.
With the Greens and key independents confirming their support for the principal elements of the plan, it looks likely that legislation to implement the Carbon Price Mechanism will pass through Parliament later this year – with draft legislation to be released for comment by 31 July 2011.
Businesses must now assess the impact the changes will have on their business. Key issues to consider include:
Click these links to find out more on:
The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.