Legislation to implement new targets for the generation of renewable electricity from large-scale plant passed the Senate on 23 June 2015. This marks the end of a year of material changes to the Commonwealth’s environmental trading schemes, including repeal of the carbon tax in July 2014, the expansion of the Carbon Farming Initiative beyond the agricultural sector and the first Emissions Reduction Fund auction in April 2015. Two State-based schemes remain in place (the Victorian Energy Efficiency Target and the New South Wales Energy Savings Scheme) and are currently under review.

Attached is a table first prepared by JWS some years ago that compares the key characteristics of environmental trading schemes operating in the energy sector. The table has been updated to reflect the position as at June 2015.

Environmental Trading Schemes in the Energy Sector