Together with the National Greenhouse and Energy Reporting Act 2007, the safeguard mechanism provides a framework for Australia’s largest emitters to measure, report and manage their emissions. It gives businesses a legislated obligation to keep net emissions below their baseline. Baselines are intended to accommodate business growth and allow businesses to continue normal operations.
The Clean Energy Regulator recently released the first full year of data on 14 March 2018 under the safe guard mechanism.
The safeguard mechanism commenced on 1 July 2016, with the first reporting period ending 30 June 2017. Emissions were reported to the Clean Energy Regulator as part of the National Greenhouse and Energy Reporting scheme on 31 October 2017. Responsible emitters had until 28 February 2018 to surrender Australian carbon credit units (ACCUs) if their emissions were above their baseline.
The Clean Energy Regulator is required to publish information about all large facilities with emissions over 100,000 tonnes of carbon dioxide equivalent (CO2-e) for each reporting year.
As at 31 October 2017, there were 154 responsible emitters identified with one or more large facilities, resulting in 203 facilities having legislated obligations under the safeguard mechanism for the 2016–17 reporting year.
Clean Energy Regulator Chair David Parker announced that all responsible emitters have met their requirements in the first full year of the safeguard mechanism. Of the 154 emitters there were 3 companies that withheld information which is allowable under section 25 of the National Greenhouse and Energy Reporting ACT 2007 if the organisation is protecting trade secrets or commercial information.
There were 16 companies that exceeded their baseline and were required to surrender carbon credit units.
If your company requires brokerage services for carbon units please get in contact with Edge on (07) 3905 9220 or 1800 334 336.
