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Crucial Regulatory Amendments Affecting Large Emitters and Carbon Credit Market

Interactive graphic of interconnected gears with a central gear labelled 'NET ZERO' highlighted by a human finger, symbolizing the engagement with sustainability and emission reduction goals.

In October, an important amendment to the Safeguard rule was announced, signalling a call to action for large corporations to re-evaluate their emission strategies. While this change directly targets the big players, it’s expected to have wider implications, potentially influencing a range of sectors, including small businesses.

The benchmarks for emission measurements are also being elevated. As we look towards adopting international best practices, it’s clear that the gold standard is evolving. Staying informed on these new standards is not optional but essential.

Moreover, those seeking Climate Active Certification will need to brace for updated criteria. The certification process is being refined to ensure that businesses demonstrate substantial and authentic emission reductions.

In an effort to consider the complete environmental footprint, new guidelines will encompass all types of emissions linked to business operations. This comprehensive approach is pivotal in achieving a genuine assessment of our environmental impact.

Attention must also be given to changes in the handling of international credits, which will likely see stricter regulations regarding their age and origin. This change could significantly reshape business strategies for emission reduction.

Within Australia, voluntary emission reduction credits will now contribute towards the nation’s targets under the Paris Agreement. This move underscores a collective push towards minimizing our national carbon footprint.

With the dynamic landscape of Carbon Credits, there’s much speculation about the future market, including pricing and availability. Given the potential introduction of price caps, it’s a sector worth monitoring closely.

The deadline for final consultations on these shifts is December 15th, with the anticipated implementation set for 2024. It’s more important than ever for business owners to stay informed. Understanding and adapting to these regulatory changes is not just about compliance—it’s about contributing to a sustainable future and positioning your business as a leader in responsible entrepreneurship.

This is a summary article from Edge2020 – read the original article.

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