Second Reading Speeches

Safeguard Mechanism (Crediting) Amendment Bill 2023

Previous Citations
  • Safeguard Mechanism (Crediting) Amendment Bill 2022
Climate Change, Energy, the Environment and Water
Originating house
House of Representatives
Parliament no

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Amends the:

National Greenhouse and Energy Reporting Act 2007
to create safeguard mechanism credit units (SMCs) and provide for related registration, transfer and compliance arrangements consistent with the treatment of Australian Carbon Credit Units (ACCUs);
Income Tax Assessment Act 1997
to provide that SMCs receive the same tax treatment as other specified units;
Australian National Registry of Emissions Units Act 2011
to: provide ownership and transfer arrangements for SMCs; require the publication of information about holdings and cancellations of SMCs; and provide for the making of legislative rules to increase transparency of information on unit holdings or allow for the voluntary surrender of units;
Clean Energy (Consequential Amendments) Act 2011
Clean Energy Regulator Act 2011
National Greenhouse and Energy Reporting Act 2007
to: provide that protected information includes all information held by the Clean Energy Regulator regardless of when it was obtained; and make consequential amendments; and
Carbon Credits (Carbon Farming Initiative) Act 2011
to: enable legislative rules to prevent the regulator from entering into carbon abatement contracts that reduce covered emissions of facilities covered by the safeguard mechanism; require the regulator to consider the safeguard mechanism when assessing the regulatory additionality of proposed offsets projects; and make a consequential amendment.

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