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Greenhouse Cop To Govern BusinessesITS OFFICIAL: Australias chief carbon cop is to be known as the Greenhouse and Energy Data Officer, with its acronym GEDO likely to become as familiar in boardrooms as ACCC and ASIC. GEDO, approved by the Federal Parliament last week, will oversee the national greenhouse gas emissions market set to begin by 2012 at the latest. Its roles will include maintaining a register of emissions by about 700 of Australias largest companies initially, and potentially fining for poor compliance. More controversially, GEDO will have the power to "cover the field" — overriding key environmental reporting standards set by the states. It can also grant requests by companies that their emissions not be made public. Meanwhile, Andrew Petersen, a partner with PricewaterhouseCoopers climate services group, said transparency, accountability and integrity would be critical to the success of emissions trading in achieving least-cost abatement and ensuring effective environmental protection. "If youre going to give the market the rigour it needs to operate, theres going to need to be an appropriate balance between the rights of businesses where it is sensitive commercial information, but at the same time, the need to inform the market," Mr Petersen said. The National Greenhouse and Energy Reporting Act as passed also omitted specific reporting rules, such as key definitions of emissions, reductions and offsets. Draft regulations filling in those gaps are likely to be put out for consultation by the end of the year, although probably not until after the election, he said. The New Zealand Governments decision last week to introduce an emissions trading system by next year would be likely to benefit Australian companies operating on both sides of the Tasman, giving them experience for their home market. "Theres definitely going to be shared learnings in relation to the convergence of the two schemes, and I think that will happen much sooner than most people anticipate," he said. The NZ experience should help companies find the cheapest way to cut their emissions and deal with issues such as the "more immediate crisis in relation to water availability and security", Mr Peterson said. Tag CloudExternal InformationAdditional InformationA Bond Insurer Ousts Its Chief After Taking a Big Write-Down...DVDs enjoy final hurrah before sales begin to slide... Carlyle Said to Be in Talks to Buy Booz Allen Unit... Extra watts would cost Victoria $1bn - is it worth it?... Where Am I?News Main Page - Business - Greenhouse Cop To Govern Businesses |
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