Climate Change, Energy Law and CarbonTrading
National Greenhouse and Energy Reporting Act 2007 (“NGER Act”)
Although the AETS is not intended to be operating until at least 2010, the reporting obligations under the new national greenhouse and energy reporting scheme commenced on 1 July 2008. The new reporting scheme has been labeled as the first major step in establishing the AETS.
Initially, the following industries are likely to be affected by the requirements under the reporting scheme:
- companies operating in the energy, manufacturing and mining industries; and
- companies operating in the commercial transport industry.
The new reporting system has been estimated to affect approximately 700 large to medium companies in its first year. Of these 700 companies, it is estimated that 300 will be reporting their energy production, consumption and greenhouse gas emissions for the first time. Further, the corporate group thresholds over the first 3 "reporting years" reduce sharply so that the number of companies that will need to report is likely to increase in the coming years.
The reporting scheme imposes an obligation on companies engaged in certain activities to report their greenhouse gas emissions, energy production and energy consumption if they exceed the threshold levels outlined in the NGER Act.
Should you require assistance relating to your companies potential reporting obligations under the NGER Act, please do not hesitate to contact us.