Emissions Trading/Carbon Tax (Clean Energy) Legislation Issued (Australia)
In case our readers are looking for it, here is a link to the exposure draft of the ‘Clean Energy’ Act.
Out of 340’pages, the Act does not actually cover clean energy, but instead is focussed on detail of the proposed emissions trading scheme…. Contrary to expectations, given the name assigned to the Act, and the fact that there is proposed to be some additional $11.5 billion over 5 years emanating from the emissions trading program allocated to clean energy through funding to ARENA and the Clean Energy Finance Corporation.
This is probably a blessing, given the shortcomings in the plans for these latter entities which we have already discussed at length. Much more time and effort is required to come up with the right formula for those entities prior to any proposals for legislation being issued.
We will be providing further views on the Clean Energy Act in due course. It’s a pretty dry document for non-specialists, however, and there is unlikely to be any new exciting secrets buried in the text.
Remember: practitioners have lived through the same ‘promise’ twice before and been left at the altar.