1Short title
This Act may be cited as the Carbon Credits (Carbon Farming Initiative) Act 2011.
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Bill homepage (APH)This Act may be cited as the Carbon Credits (Carbon Farming Initiative) Act 2011.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
|---|---|---|
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 15 September 2011 |
2. Sections 3 to 307 | A single day to be fixed by Proclamation. A Proclamation must not specify a day that occurs before the later of: (a) the day the Australian National Registry of Emissions Units Act 2011 receives the Royal Assent; and (b) the day the Carbon Credits (Consequential Amendments) Act 2011 receives the Royal Assent. However, if any of the provision(s) do not commence within the period of 6 months beginning on the later of: (c) the day the Australian National Registry of Emissions Units Act 2011 receives the Royal Assent; and (d) the day the Carbon Credits (Consequential Amendments) Act 2011 receives the Royal Assent; they commence on the day after the end of that period. | 8 December 2011 (see F2011L02581) |
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
This section sets out the objects of this Act.
Climate Change Convention and Kyoto Protocol etc.
The first object of this Act is to remove greenhouse gases from the atmosphere, and avoid emissions of greenhouse gases, in order to meet Australia’s obligations under any or all of the following:
the Climate Change Convention;
the Kyoto Protocol;
the Paris Agreement;
any other international agreement.
Incentives
The second object of this Act is to create incentives for people to carry on certain offsets projects.
Carbon abatement
The third object of this Act is to increase carbon abatement in a manner that:
is consistent with the protection of Australia’s natural environment; and
improves resilience to the effects of climate change.
Purchase of carbon abatement by the Commonwealth
The fourth object of this Act is to authorise the purchase by the Commonwealth of units that represent carbon abatement.
Australia’s greenhouse gas emissions reduction targets
The fifth object of this Act is to facilitate the achievement of Australia’s greenhouse gas emissions reduction targets.
The following is a simplified outline of this Act:
• This Act sets up a scheme for the issue of Australian carbon credit units in relation to eligible offsets projects.
• Australian carbon credit units and certain other types of units may be purchased by the Commonwealth.
• An Australian carbon credit unit is personal property and is generally transferable.
• The main eligibility requirements for eligible offsets projects are as follows:
the project must be carried out in Australia;
the project must be covered by a methodology determination made under this Act.
• A methodology determination is made having regard to the offsets integrity standards set out in this Act.
• This Act is administered by the Clean Energy Regulator.
For the purposes of a reference in:
this Act to a vacancy in the office of an Emissions Reduction Assurance Committee member; or
the Acts Interpretation Act 1901 to a vacancy in the membership of a body;
there are taken to be 4 offices of member of the Emissions Reduction Assurance Committee in addition to the Chair of the Emissions Reduction Assurance Committee.
For the purposes of this Act, a notice is an electronic notice transmitted to the Regulator if, and only if:
the notice is transmitted to the Regulator by means of an electronic communication; and
if the Regulator requires that the notice be transmitted, in accordance with particular information technology requirements, by means of a particular kind of electronic communication—the Regulator’s requirement has been met; and
the notice complies with regulations or legislative rules made for the purposes of subsection (2).
The regulations or legislative rules may make provision for or in relation to the security and authenticity of notices transmitted to the Regulator by means of an electronic communication.
Regulations or legislative rules made for the purposes of subsection (2) may deal with:
encryption; and
authentication of identity.
Subsection (3) does not limit subsection (2).
For the purposes of this Act, if a notice is transmitted to the Regulator by means of an electronic communication, the notice is taken to have been transmitted on the day on which the electronic communication is dispatched.
Subsection (5) of this section has effect despite section 14A of the Electronic Transactions Act 1999.
This section does not, by implication, limit the regulations that may be made under the Electronic Transactions Act 1999.
For the purposes of this Act, if an eligible offsets project is an emissions avoidance offsets project of a kind specified in the legislative rules, the extended accounting period for the project is the period:
beginning immediately after the end of the crediting period, or the last of the crediting periods, for the project; and
ending at a time ascertained in accordance with the legislative rules.
Subsection (1) does not, by implication, affect the application of subsection 13(3) of the Legislation Act 2003 to another instrument under this Act.
This Act binds the Crown in each of its capacities.
This Act does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence.
The protection in subsection (2) does not apply to an authority of the Crown.
The protection in subsection (2) does not apply to a penalty under section 179 or 180.
This Act extends to every external Territory.
This Act extends to a matter relating to the exercise of Australia’s sovereign rights in the exclusive economic zone or the continental shelf.
For the purposes of subsection (1), a reference in paragraph 27(4)(a) to Australia is to be read as if it included a reference to the exclusive economic zone and the continental shelf.
This Act does not apply to the extent that its application would be inconsistent with the exercise of rights of foreign ships in:
the territorial sea; or
the exclusive economic zone; or
waters of the continental shelf;
in accordance with the United Nations Convention on the Law of the Sea.
The following is a simplified outline of this Part:
• Australian carbon credit units may be issued in relation to an eligible offsets project.
• The number of Australian carbon credit units issued will be worked out by reference to the relevant abatement amount calculated under the applicable methodology determination.
• For sequestration offsets projects, a risk of reversal buffer and permanence period discount apply.
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