The first objective of the Act is to remove greenhouse gases (GHGs) from the atmosphere and avoid emissions of GHGs, in order to meet Australia’s obligations under any or all of the following: (a) the Climate Change Convention / UNFCCC; (b) the Kyoto Protocol; (c) an international agreement that is the successor (whether immediate or otherwise) to the Kyoto Protocol (i.e. the 2015 Paris Agreement).
The second objective of the Act is to create incentives for GHG offsetting projects. Its third objective is to increase carbon abatement in a manner that: (a) is consistent with the protection of Australia’s natural environment; and (b) improves resilience to the effects of climate change. Its fourth objective is to authorise the purchase by government of carbon abatement units.
Industry sectors covered by the instrument
Organizations covered by the instrument
All reporting entities
Type of instrument
Mandatory or voluntary
The geographical scope