On 1 December 2022 the Senate referred the Safeguard Mechanisms (Crediting) Amendment Bill 2022 to the Environment and Communications Legislation Committee for inquiry and report by 2 March 2023.

The close date for submissions is 25 January 2023.

On 20 February 2023, the committee presented a progress report recommending that the Senate grant an extension of time to report until 6 March 2023.

About this inquiry:
The Safeguard Mechanisms (Crediting) Amendment Bill 2022 seeks to amend the National Greenhouse and Energy Reporting Act 2007 and Australian National Registry of Emissions Units Act 2011 to enable the trading of Safeguard Mechanism Credits (SMCs).The bill would establish a framework for creating SMCs, and managing how SMCs are issued, purchased and registered in Australia’s National Registry of Emissions Units. The Safeguard Mechanism framework would contribute to Australia fulfilling its obligations under the Paris Agreement, by incentivising facilities to further reduce emissions.