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New South Wales Greenhouse Gas Abatement Scheme |
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The New South Wales Greenhouse Gas Abatement Scheme (GGAS) is a mandatory greenhouse gas emission trading scheme in Australia. Its primary aim is the reduction of greenhouse gas emissions.
The New South Wales Greenhouse Gas Abatement Scheme (GGAS) is a greenhouse gas emissions trading scheme in Australia. Participation is mandatory. GGAS started operations from January 1, 2003. Targets are in place until the year 2012.
Objectives
New South Wales Greenhouse Gas Abatement Scheme aims to fulfill the following objectives:
- Develop and encourage activities that offset greenhouse gas emissions production
- Strive to decrease greenhouse gas emissions linked with production and use of electricity
- Compels New South Wales electricity retailers and other applicable parties (commonly referred to as benchmark participants) to satisfy mandatory targets. Targets take the form of offsetting and reduction of greenhouse gases from electricity production.
Benchmark participants may decrease the intensity of average emissions of the electricity they use or supply by buying abatement certificates. These certificates may then be surrendered to the Independent Pricing and Regulatory Tribunal (IPART). IPART acts as a compliance regulator. Benchmark participants may claim credit for the surrender of Renewable Energy Certificates (RECs) under Commonwealth's Mandatory Renewable Energy Target (MRET).
Role of IPART
IPART is entrusted with administering GGAS. The organization performs two distinct roles:
- Scheme administrator role encompassing accreditation of abatement certificate providers. The creation and transfer of greenhouse gas abatement certificates is done by IPART. It also supervises the compliance and performance of accredited parties. GGAS registry is also maintained.
- Compliance regulator role that includes supervising the yearly compliance of benchmark participants. Election of participants is also included.
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