This Act amends the Climate Change Response Act 2002, in particular the allocation of emissions units under the emissions trading scheme. The Act amends the notice period for a failure to repay or surrender units under the scheme the Environmental Protection Agency is obliged to provide, as well as the calculation for determining the penalty for liability under the 2002 Act. The Act contains further amendments on costs for penalties under the 2002 Act, and further amends sections of the Acts on industrial allocations, including section 84, adjusting the validated allocation of trading units based on projected data.
The Act comes into force the day after receiving Royal Assent; however, provisions on determining electricity allocation factors (Section 19); on modelling assumptions for market models used to determine the allocation factors for electricity (Section 21); and the transitional and savings-related provisions outlined in Schedule 1AA in Section 22(3) of the Act will only come into force on January 1st 2024.
