Joe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | Hansard source

a scheme regulator and a registry, and address such matters as emissions coverage of the scheme, emission caps and the definition of liable entities. Of course the opposition interject, but this is a matter requesting exemption from the cut-off. The bills are required to address the urgent need to respond to climate change through the CPRS. The bills give effect to the outcomes of negotiations that were agreed by the government and the opposition back in November 2009. The provisions that give effect to these agreed outcomes back in November 2009 were considered in detail by the Senate Committee of the Whole in November and December, as we recall.

The CPRS is the key mechanism for meeting emissions reduction targets that have the support of both the government and the opposition and are key targets. Uncertainty created by a delay in the passage of the bills does raise risks for business regarding the future costs of climate change action and is hampering investments that enable the transformation to a low carbon pollution economy.