Monday, 22 August 2011
Carbon Credits (Carbon Farming Initiative) Bill 2011, Carbon Credits (Consequential Amendments) Bill 2011, Australian National Registry of Emissions Units Bill 2011; In Committee
by leave—I move amendments (8) and (9) together:
(8) Clause 76, page 101 (line 11), omit "5 years", substitute "3 years".
(9) Clause 76, page 101 (line 24), omit "5 years", substitute "3 years".
These amendments reduce the offsets reporting period maximum from five years to three years. Currently there is a period of 12 months to three years. There is a concern that a five-year period is too long. I can indicate that I will not be seeking to divide on these amendments but I would like an explanation from the government about the upper limit of five years and whether it acknowledges concerns about having such a long period. I think three years would constrain the offsets reporting period to what some would consider a more reasonable period, rather than five years.