Safeguard Mechanism (Crediting) Amendment Act 2023 (14 of 2023)

Schedule 1   Safeguard mechanism

Part 1   Amendment of the National Greenhouse and Energy Reporting Act 2007

National Greenhouse and Energy Reporting Act 2007

38A   After subsection 24(3)

Insert:

Publication relating to the safeguard mechanism

(3A) If the total amount of covered emissions of greenhouse gases from the operation of a designated large facility during a financial year is set out in a report under this Act for the financial year, the Regulator must publish on its website by 15 April next following the financial year:

(a) that total amount; and

(b) the amount of those covered emissions that were carbon dioxide, methane and nitrous oxide; and

(c) the baseline emissions number for the facility for the financial year; and

(d) if safeguard mechanism credit units have been issued in relation to the facility and the financial year - the number of those units; and

(e) if a monitoring period for the facility ended during, or at the end of, the financial year - the following:

(i) the net emissions number for the facility for that period;

(ii) the number and type of prescribed carbon units (if any) surrendered for the purpose of reducing the net emissions number for the facility for that period;

(iii) if any of those units were Australian carbon credit units issued in respect of an eligible offsets project for a reporting period (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011) for the project - the methodology determination (within the meaning of that Act) that applied to the project for that period.

(3B) For each financial year between 1 July 2023 and 30 June 2030, the Regulator must publish on its website by 15 April next following the financial year:

(a) the safeguard emissions for the financial year; and

(b) the net safeguard emissions for the financial year; and

(c) the 5-year rolling average safeguard emissions for the financial year; and

(d) the total safeguard emissions for all of the financial years between 1 July 2020 and the end of the financial year.

(4) Subsections (3A) and (3B) do not limit the requirements that may be prescribed by the safeguard rules in relation to the publication of information.