Friday, December 31, 2010
2011 - YEAR OF CARBON CREDITS FOR FARMERS
THE YEAR 2011 will be remembered as the Year of the Carbon Farmer. The Minister Greg Combet will release the draft legislation for comment this week (first week of January) and we have until January 20 to comment. The Bill will be submitted to Parliament sometime in February so it can be proclaimed in time for the market to start on 1 July, 2011.
Here's how it will work: The Legislation lays down broad guidelines. Private individuals and companies can then submit 'meths' (which is industry-speak for 'methodologies'). A methodology is a collection of solutions that make it possible to generate offsets for one of a list of 11 on-farm activities. The solutions solve the challenges entitled Additionality, Permanence, Leakage, Measurement, etc. The 'meths' are considered by the DOIC (the Domestic Offsets Integrity Committee - already selected) which recommends to the Minister which can proceed to recruit farmers wanting to get involved in offsets trading.
The Government has allowed for flexibility by allowing for Kyoto- and Non-Kyoto-international units, compliance and voluntary units, Australian carbon credit units... there will be a range of options to suit a range of needs. Stay tuned.
Posted by Michael Kiely at 11:34 PM