Emissions Reduction Fund safeguard mechanism consultation continues

THE Australian Government is calling for submissions on the proposed rules and regulations for the Emissions Reduction Fund safeguard mechanism.

The safeguard mechanism will start on 1 July 2016 and will be an integral part of the Emissions Reduction Fund – along with the crediting and purchasing elements.

"The Government has already consulted extensively on the design of the safeguard mechanism, and the draft rules and regulations released today include feedback from businesses and community groups on the consultation paper released in March 2015," Federal Environment Minister Greg Hunt said.

"Businesses and the community are invited to make submissions about the drafting of the safeguard mechanism regulations by 16 September 2015 and rules by 21 September 2015.

"The safeguard mechanism has been designed to ensure that emissions reductions purchased by the Government are not displaced by significant increases in emissions above business-as-usual levels elsewhere in the economy.

"The Government will consider the submissions received during this public consultation period before finalising the rules and regulations next month.

"A final decision on business access to high quality, prescribed international units under the safeguard mechanism will be reviewed in 2017-18 subject to the accounting rules established following the Paris climate conference later this year.

"With our Direct Action plan we will meet Australia's 2030 target of reducing emissions by 26-28 per cent below 2005 levels.

"Only the Coalition is committed to taking serious action to tackle climate change without hurting Australian families and businesses in the process with a painful carbon tax. We are already achieving significant results.

"In just the first Emissions Reduction Fund auction, the Government has contracted more than 47 million tonnes of emissions reductions. That's around four times the amount of emissions reduction achieved during Labor's carbon tax experiment – and we've achieved it at around one per cent of the cost."

For more information about the Emissions Reduction Fund, visit www.environment.gov.au/emissions-reduction-fund.

ends