Senate debates

Wednesday, 6 July 2011

Bills

Carbon Credits (Carbon Farming Initiative) Bill 2011, Carbon Credits (Consequential Amendments) Bill 2011, Australian National Registry of Emissions Units Bill 2011; In Committee

11:33 am

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

The interesting issue here is the confluence of two matters. One is that we are happy to keep the permanence issue under review but it is essential to the environmental integrity of the scheme that we have to have that period which allows the scheme to operate and 100 years provides that permanency. The second matter you raised about the funding you could say that, with the way the commercial world works in relation to permanence, they are not coupled. You do not have to have, as I understand it, the commercial arrangement which matches that permanence. If you work through the schema, it is about the methodologies being approved. It is about the recognised offset integrity, the project approval, the reporting and the crediting. That is where the commercial entities will sit across that area and of course the termination of transfer of projects. You will have projects that will develop and have commercial outcomes and go for periods of time but that is distinct from the permanence. They are not interlinked in the way that you have described.

Question agreed to.

I move:

That progress be reported.

This motion is necessary to allow us to move to other business, I think by agreement with all those in the chamber.

Question agreed to.

Ordered that consideration of this bill in Committee of the Whole be made an order of the day for a later hour.

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