Summary

Part of a package of six bills to give effect to the Carbon Pollution Reduction Scheme, the bill gives effect to Australia’s obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol by outlining: entities and emissions covered by the scheme; liable entities’ obligations to surrender emission units corresponding to their emissions; limits on the number of emissions units that will be issued; the nature and allocation of Australian emissions units; mechanisms to contain costs; linking to other emissions trading schemes; assistance in relation to emissions-intensive trade-exposed activities, coal-fired electricity generators and coal mining; voluntary inclusion of reforestation activities under the scheme; the domestic offsets program; the Australian National Registry of Emissions Units; and monitoring and enforcement. Also contains a regulation making power.