Safeguard Mechanism reforms: New guidelines released on emissions-intensity determination applications and a review for a potential carbon border adjustment underway

In October 2023, the Clean Energy Regulator released guidelines to assist responsible emitters and auditors making applications for an emissions-intensity determination. For existing Safeguard Mechanism facilities, this determination will be an important factor in how a facility’s unique baseline will be calculated under the reformed Safeguard Mechanism scheme. Read more

Safeguard Mechanism Bill passes Parliament setting stage for Safeguard Mechanism reforms

The Safeguard Mechanism (Crediting) Amendment Bill 2023 was passed by the Australian Parliament on 30 March 2023.  The Bill was primarily introduced to enable the crediting element of the reform, however the changes negotiated with the Australian Greens Party are not limited to crediting and will extend beyond amendments to the Bill itself. We explore key aspects … Read more

Sharm El- Sheikh COP 27 – day 2

Tuesday 8 November 2022 At Day 2 of COP 27 we heard further opening statements from heads of State and Government and round-table discussions took place. Some highlights from speakers include: Paul Kagame, President of Rwanda spoke on the global north’s attitude towards Africa: “The most valuable contribution that developed countries can make is to … Read more

Sharm El- Sheikh COP 27 – day 1

Monday 7 November 2022 Monday was the first official working day of the Conference of the Parties (COP) 27 in Sharm El-Sheikh, Egypt following the opening ceremony on Sunday. COP 27 marks the 30th anniversary of the adoption of the United Nations Framework Convention on Climate Change (UNFCCC), which is an international environmental agreement to … Read more

UPDATE ON THE OFFSHORE TRANSMISSION NETWORK REVIEW

INTRODUCTION The Offshore Transmission Network Review (“OTNR“) was launched in July 2020 to ensure that transmission connections for offshore wind generation can be delivered to support the UK Government’s ambitions to increase offshore wind power to 40GW by 2030 and to deliver on its Net Zero ambitions. In April, Ofgem published two Minded-to Decisions as … Read more

THE FUTURE OF THE UK ETS – UK GOVERNMENT PUBLISHED UK ETS CONSULTATION

At the end of March, the UK Government published its long-awaited consultation on the further development of the UK ETS (the “Consultation“), indicating the future capacity and scope of the UK scheme. The UK ETS was launched on 1 January 2021 to replace Great Britain’s participation in the EU ETS after the end of the … Read more

TNFD publishes beta version of Nature-related Risk & Opportunity Management and Disclosure Framework

The Taskforce on Nature-Related Financial Disclosures (TNFD) has published the first draft of its Nature-related Risk & Opportunity Management and Disclosure Framework (TNFD Framework); which, together with subsequent drafts, will be open to feedback from market participants for the next 18 months. The TNFD is aiming to publish a usable framework and set of recommendations … Read more

REPOWEREU – ENDING THE EU’S DEPENDENCY ON RUSSIAN GAS

On 8 March 2022, in response to Russia’s threat to cut Europe’s gas supplies, the European Commission proposed an outline of the plan to reduce EU demand for Russian gas by two thirds before the end of the year and eliminate dependence on Russian gas well before 2030. By implementing the measures proposed by the … Read more