[authors: Andrew Beatty, Paul H. Curnow, Martijn Wilder, Marisa Chiarella]
On Tuesday 8 November, the Australian Government passed the Clean Energy 2011 (Clean Energy Act) and 18 ancillary legislative instruments (collectively, the Legislative Package).
The Legislative Package provides a mechanism to put a price on greenhouse gas (GHG) emissions (Scheme) in order to help Australia meet its unconditional pollution reduction target of 5% below 2000 levels by 2020. The Scheme will commence on 1 July 2012 with an initial three year fixed price period that will transition to a flexible price cap and trade emissions trading scheme on
1 July 2015.
A vote on draft laws to establish the Australian Renewable Energy Agency will also take place next Wednesday.
Click to download a Guide to the Clean Energy Acts or for further information, please contact our team.
Baker & McKenzie's Global Environmental Markets Practice