Climate Minister Greg Combet today introduced legislation to establish the Government's 'carbon farming' offsets regime – taking up Garnaut's suggestion to relax restrictions on creating offsets – and also introduced a bill formalising the registry that will track carbon trades.
Sequestration projects by farmers and foresters would receive a huge boost under changes to the Carbon Farming Initiative proposed today by Professor Ross Garnaut, who wants it linked with the mooted price regime but warns it won't deliver cut-price carbon to companies.
Farmers are still ambivalent about a price on carbon, but if the Gillard Government doesn't introduce a pricing mechanism then taxpayers should fund the purchase of farm-based credits, the National Farmers Federation says.
Commercial timber plantation owners say proposed rules for a Government carbon credits regime will lock them out, but the carbon sink forestry and landfill sectors have praised the scheme's design.
Hunger-strike farmer wins right to High Court hearing; High Court to rule on watchdog NGO's tax status; and World Economic Forum issues energy efficiency report.