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
I move amendment (12) on sheet 7118:
(12) Clause 306, page 303 (after line 6), after subclause (1), insert:
(1A) Any review under subsection (1) must be conducted by the Commonwealth Scientific and Industrial Research Organisation in conjunction with the Productivity Commission.
(1B) The Minister must ensure that the Commonwealth Scientific and Industrial Research Organisation and the Productivity Commission are provided with sufficient additional resources to conduct any such review.
This amendment relates to the CSIRO and the Productivity Commission conducting reviews. Under the current deal, there is a review of the act, the regulations and other instruments every three years. It is important to ensure that this initiative continues to improve. However, it is crucial that this review be independent and, as such, this amendment requires that every three-year review be conducted by the CSIRO, which has already done research into carbon farming, in conjunction with the Productivity Commission.
I believe it is important that the review include consideration of how the carbon credit market operates and how Australian farmers and industry are participating in the trade of carbon credits, and that is why I believe the Productivity Commission should be involved in any review. I note that the Productivity Commission has recently conducted a review on carbon pricing mechanisms. I think that was a very useful exercise. I think the Productivity Commission did a very thorough job of adding to the public debate and our knowledge of this area. Furthermore, this amendment requires that both agencies be provided with the adequate additional resources to enable them to conduct such reviews. I urge my colleagues to support this amendment.