Legislating Ambition: Climate Change Bill 2022
Published date | 28 July 2022 |
Law Firm | Herbert Smith Freehills |
Author | Ms Heidi Asten, Kathryn Pacey, Melanie Debenham, Peter Briggs, Mark Smyth and Timothy Stutt |
The Federal Government has tabled its Climate Change Bill 2022 (the Bill) which - if passed - will enshrine into law the Government's emissions reduction targets. A second bill, the Climate Change (Consequential Amendments) Bill 2022 (the Amendments Bill) would define these targets as objectives of a range of government agencies and programs.
The Bills reflect Australia's updated nationally determined contribution under Article 4 of the Paris Agreement communicated on 22 June 2022 of:
- GHG emissions reduction target of 43% below 2005 levels by 2030; and
- net zero emissions by 2050.
The Bills are the precursor to a range of proposed climate-related measures, including implementing the "rewiring the nation" policy, changes to the Safeguard Mechanism and an electric vehicle strategy.
Industry should be alert to these developments. The Government has stated that these bills, if implemented, are designed to provide policy certainty and promote stability of investment in decarbonisation technologies. The bills also reinforce the role of state and territory governments in emissions reduction, increasing the complexity of policies that business must navigate.
SnapshotIf passed in its current form...
- The emissions reduction targets of 43 per cent below 2005 levels (as a floor) by 2030 and net zero by 2050 would become law The Government has underlined that policies may seek to achieve more ambitious targets than the legislated level.
- The government of the day will be required to publish an annual climate change...
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