The Carbon Market Institute has launched a guide for business to understand and participate in Australia’s new compliance carbon market.
‘Australia’s clean energy legislative package: a guide for business’ is a comprehensive guide which will inform and educate businesses about how the scheme operates and what it will mean for different scheme participants. It also provides some insight into how businesses not affected directly may take advantage of various funding schemes.
“Businesses are more likely to achieve the best outcomes from a national carbon price mechanism if they have a solid understanding of the content of the scheme and are able to easily navigate their way around the legislative package that underpins the scheme,” Carbon Market Institute executive director Mike Tournier says.
“The more informed businesses are about the scheme, the better their business decisions.”
The carbon price mechanism and accompanying legislation establishes a carbon price by way of an emissions trading scheme similar to that in Europe and New Zealand, designed to provide price signals to encourage behaviour change with the adoption and consumption of low carbon energy alternatives.
The scheme will transform the business landscape, creating new risks and opportunities to which business leaders will need to understand and respond.
“A thorough understanding of the relevant implications of the legislation will enable an organisation to develop the most appropriate strategy to respond to the changes,” Tournier says.
“In the worst case, failing to do this may result in unexpected and undesirable impacts on the financial and market position and performance of an organisation.”
The CMI guide is authored by leading climate change lawyers Baker and McKenzie, led by Martijn Wilder, head of the firm’s global environmental markets and climate change practice.