Emissions reduction fund: Australia calls for submissions by 18 November

http://www.theguardian.com/environment/2013/oct/16/emissions-reduction-fund-australia-submissions

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The Abbott government is asking for submissions on how it should design its $1.5bn emissions reduction fund.

It wants suggestions by 18 November on the terms of reference for a green paper and white paper on how to set up the fund, which will begin buying greenhouse gas abatement from 1 July, 2014.

It is asking for advice about “the likely sources of low-cost, large-scale abatement … the details of auction arrangements to deliver cost-effective outcomes … governance arrangements … and the details of the monitoring, verification, compliance and payments arrangements for successful bidders at auction”.

It is also asking for suggestions about “the design and operation of a mechanism applying to emissions above the business as usual baseline”. The Coalition has said that companies would only face penalties if they “went rogue”. It has said no penalties would apply to companies that increased emissions because they expanded operations using “best practice” methods.

The green paper will be released in December and the white paper in early 2014. The emissions reduction fund will spend $300m in its first year, $500m in the second and $750m in the third.

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