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

4   Section 7

Insert:

5-year rolling average safeguard emissions , for a financial year, means the amount, in tonnes of carbon dioxide equivalence, that is one fifth of the total amount of safeguard emissions for the 5 previous financial years.

associated provisions means the following provisions:

(a) the provisions of a legislative instrument made under this Act;

(b) the provisions of a legislative instrument made under the regulations;

(c) sections 134.1, 134.2, 135.1, 135.2, 135.4, 136.1, 137.1 and 137.2 of the Criminal Code, in so far as those sections relate to:

(i) this Act; or

(ii) a legislative instrument made under this Act; or

(iii) a legislative instrument made under the regulations.

Commonwealth Registry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.

issue , in relation to a safeguard mechanism credit unit, means issue under section 22XNA.

net safeguard emissions , for a financial year, means the total amount, in tonnes of carbon dioxide equivalence, of net covered emissions from the operation, during the financial year, of all designated large facilities for the financial year.

past 5-year rolling average safeguard emissions , for a financial year (the current financial year ), means the amount, in tonnes of carbon dioxide equivalence, that is one fifth of the total amount of safeguard emissions for the period of 5 financial years that ended:

(a) if the current financial year ends before 1 July 2027 - 3 years before the start of the current financial year; or

(b) otherwise - 2 years before the start of the current financial year.