14Carbon pollution cap

14 Carbon pollution cap

Carbon pollution cap (1) The regulations may declare that: (a) a quantity of greenhouse gas that has a carbon dioxide equivalence of a specified number of tonnes is the carbon pollution cap for a specified flexible charge year; and (b) that number is the carbon pollution cap number for that flexible charge year. Regulations (2) In making a recommendation to the Governor‑General about regulations to be made for the purposes of this section, the Minister: (a) must have regard to Australia’s international obligations under international climate change agreements; and (b) must have regard to the most recent report that: (i) was given to the Minister by the Climate Change Authority under section 292; and (ii) dealt with carbon pollution caps and carbon budgets; and (c) may have regard to the following matters: (i) undertakings relating to the reduction of greenhouse gas emissions that Australia has given under international climate change agreements; (ii) Australia’s medium‑term and long‑term targets for reducing net greenhouse gas emissions; (iii) progress towards reduction of greenhouse gas emissions; (iv) global action to reduce greenhouse gas emissions; (v) estimates of the global greenhouse gas emissions budget; (vi) the economic and social implications associated with various levels of carbon pollution caps; (vii) voluntary action to reduce Australia’s greenhouse gas emissions; (viii) estimates of greenhouse gas emissions that are not covered by this Act; (ix) estimates of the number of Australian carbon credit units that are likely to be issued; (x) the extent (if any) of non‑compliance with this Act and the associated provisions; (xi) the extent (if any) to which liable entities have failed to surrender sufficient units to avoid liability for unit shortfall charge; (xii) any acquisitions, or proposed acquisitions, by the Commonwealth of eligible international emissions units; (xiii) such other matters (if any) as the Minister considers relevant.