“Emitters that exceed their baseline will be required to surrender their surplus SMCs or otherwise buy SMCs or ACCUs for those emissions.”
(See the doc below for acronynms)
“The process for surrendering SMCs in order to meet ‘above baseline’ emissions need to be
established, possibly under the National Greenhouse and Energy Reporting Act 2007.
“The interaction between SMCs and ACCUs will also need to be clarified.
“It has been foreshadowed but not confirmed that the plan is for more businesses to be brought under the mechanism, for example by applying the mechanism to emitters whose annual Scope 1 emissions are more than 50,000 tonnes (rather than 100,000 tonnes) of CO2 equivalent.
Out of the ‘naughty corner’
‘Australia can once again be seen as a climate progressive nation who is looking to develop opportunities in areas that it will assist Australia in meeting (and possibly beating) its 43% emissions-reduction target:’ HFW