The Federal Government has published draft guidelines on the process for setting emissions intensity benchmarks under the Emissions Reduction Fund for public comment.
The Emissions Reduction Fund has three elements: crediting, purchasing and safeguarding emissions reductions.
From 1 July 2016, the ERF safeguard mechanism will ensure that emissions reductions the Federal Government buys are not offset by significant increases in emissions above business-as-usual levels elsewhere in the economy.
As set out in the Safeguard Mechanism Consultation Paper in March 2015, benchmarks will be established for new industrial projects that are implemented after 2020. The Federal Government released the draft guidelines on the process for setting these benchmarks on 6 April for public consultation.
This extensive consultation with industry and the community will be followed by expert review by an independent committee.
More details on the safeguard mechanism and the consultation process is available from the consultation website. The deadline for making written submissions is 6 May.