The Clean Energy Regulator Act 2011 was passed in November 2011 by Parliament. The Act establishes the Clean Energy Regulator as an independent FMA Agency.
Clean Energy Regulator Act 2011
Under the Act, the Office of the Renewable Energy Regulator will be amalgamated into the Clean Energy Regulator from 2 April 2012 onwards. The responsibilities of the Renewable Energy Regulator will also transfer to the statutory role of the Clean Energy Regulator.
The Clean Energy Regulator will also administer and enforce:
- The Carbon Pricing Mechanism
This is what controls the emissions trading scheme, which is a solution to carbon reduction involving putting a price on Australia’s carbon pollution. The mechanism applied a tax to liable entities between the 2012-13 and 2013-14 financial years and was said to cover 60 percent of the country’s carbon emissions. The Clean Energy Regulator Act 2011 introduced the Carbon Pricing Mechanism – however, the price on carbon legislation was abolished in July 2014 with the change of government.
- The National Greenhouse and Energy Reporting System
The NGER scheme was established by the National Greenhouse and Energy Reporting Act 2007. It’s a single national framework designed to report and disseminate company information about greenhouse gas emissions, energy production and consumption. The reporting system is designed to assist in forming effective government policy as well as provide information to researchers, the public and assist in the coordination of sustainability-related activities and programmes around the country.
- The Carbon Farming Initiative
The CFI is a scheme to encourage farmers and land owners to earn carbon credits in the form of carbon storage and greenhouse gas reduction on their land. These credits are then a tradeable commodity much like the solar credits rebates scheme given to solar customers.
For more information see: http://www.climatechange.gov.au/media/whats-new/clean-energy-regulator.aspx