289Periodic reviews of the level of carbon pollution caps etc.

#### 289 Periodic reviews of the level of carbon pollution caps etc. (1) Reviews of the following matters are to be conducted by the Climate Change Authority: (a) the level of carbon pollution caps; (b) any indicative national emissions trajectory and national carbon budget. Relevant matters (2) In conducting a review, the Climate Change Authority must have regard to the following matters: (a) Australia’s international obligations under international climate change agreements; (b) undertakings relating to the reduction of greenhouse gas emissions that Australia has given under international climate change agreements; (c) Australia’s medium‑term and long‑term targets for reducing net greenhouse gas emissions; (d) progress towards the reduction of greenhouse gas emissions; (e) global action to reduce greenhouse gas emissions; (f) estimates of the global greenhouse gas emissions budget; (g) the economic and social implications associated with various levels of carbon pollution caps; (h) voluntary action to reduce Australia’s greenhouse gas emissions; (i) estimates of greenhouse gas emissions that are not covered by this Act; (j) estimates of the number of Australian carbon credit units that are likely to be issued; (k) the extent (if any) of non‑compliance with this Act and the associated provisions; (l) the extent (if any) to which liable entities have failed to surrender sufficient units to avoid liability for unit shortfall charge; (m) any acquisitions, or proposed acquisitions, by the Commonwealth of eligible international emissions units; (n) such other matters (if any) as the Climate Change Authority considers relevant. Timing of reviews (3) The first review must be completed before the end of 28 February 2014. (4) The second review must be completed before the end of 28 February 2016. (5) Each subsequent review must be completed within 12 months after the deadline for completion of the previous review. (6) For the purposes of subsections (3), (4) and (5), a review is completed when the report of the review is given to the Minister under section 292. Consultation (7) In conducting a review, the Climate Change Authority must make provision for public consultation. Report (8) The report of the first review must set out recommendations relating to the level of carbon pollution caps for each of the first 5 flexible charge years. (9) The report of a subsequent review must set out a recommendation relating to the level of the carbon pollution cap for the flexible charge year next following the last flexible charge year for which a corresponding recommendation was made in the report of the previous review. (10) A report of a review must set out recommendations for an indicative national emissions trajectory and a national carbon budget. (11) A report of a review must deal with the extent to which any indicative national emissions trajectory and national carbon budget are expected to be met by: (a) emissions that are reflected in the provisional emissions numbers of liable entities; and (b) emissions that: (i) are attributable to activities in the Australian economy; and (ii) are not reflected in the provisional emissions numbers of liable entities; and (c) the purchase of eligible international emission units (whether by the Commonwealth or other persons).