Climate Change Response (Emissions Trading Reform) Amendment Bill

  • enacted
76 Section 83 amended (Annual allocation adjustment)

(1)

In section 83(2), formula, replace the definition of variable LA with:

LA

is the level of assistance for the activity for the year, being,—

(a)

for a moderately emissions-intensive eligible industrial activity,—

(i)

0.6 in each year until and including 2020; and

(ii)

in each year after 2020, the level of assistance from the previous year less the applicable phase-out rate:

(b)

for a highly emissions-intensive eligible industrial activity,—

(i)

0.9 in each year until and including 2020; and

(ii)

in each year after 2020, the level of assistance from the previous year less the applicable phase-out rate

(2)

After section 83(2), insert:

(2A)

In subsection (2), the applicable phase-out rate is,—

(a)

if regulations have not been made under section 84A or 84B that relate to the eligible industrial activity,–

(i)

0.01 for each year after 2020 until and including 2030; and

(ii)

0.02 for each year after 2030 until and including 2040; and

(iii)

0.03 for each year after 2040; and

(b)

if regulations have been made under section 84A or 84B that set a different phase-out rate for the eligible industrial activity for the year, the phase-out rate set under those regulations.

(3)

Replace section 83(7) with:

(7)

If a person is required to repay units under this section, then the units repaid must be of a type that may be transferred to a surrender account at the time the units are repaid.