the likely sources of low cost, large scale abatement to come
forward under the Emissions Reduction Fund;
how the Emissions Reduction Fund can facilitate the development
of abatement projects, including through expanding the Carbon
Farming Initiative and drawing on the National Greenhouse and
Energy Reporting Scheme;
the details of auction arrangements to deliver cost effective
the governance arrangements that will support the Emissions
Reduction Fund, including the role of key institutions such as the
Clean Energy Regulator;
the details of the monitoring, verification, compliance and
payments arrangements for
successful bidders at auction;
transitional issues relating to the existing Carbon Farming
the design and operation of a mechanism applying to emissions
above the business as usual baseline.
The Terms of Reference come one day after
the draft bills to repeal the carbon tax were released for
comment. The last piece of the puzzle, Australia's Renewable
Energy Target, will be reviewed next year in a separate
When will the Emissions Reduction Fund begin
The Emissions Reduction Fund is intended to go live on 1
July 2014, after three rounds of consultation:
5pm (AEDT) Monday 18 November 2013: comments
on these Terms of Reference are due.
December 2013: an Emissions Reduction Fund
Green Paper will be released; and
early 2014: the Green Paper will be followed
by a White Paper and Exposure Draft legislation for further public
Clayton Utz communications are intended to provide
commentary and general information. They should not be relied upon
as legal advice. Formal legal advice should be sought in particular
transactions or on matters of interest arising from this bulletin.
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This legal update is an overview of existing eligible project activities and new project types proposed to be developed.
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