7Objectives

7 Objectives

The objectives of this Act are to encourage and promote greenhouse gas sequestration operations for the benefit of all Victorians by—

(a) encouraging and facilitating greenhouse gas sequestration operations; and

(b) establishing secure title and an orderly, fair and competitive system for granting authorities to encourage greenhouse gas sequestration operations; and

(c) establishing a legal framework for the regulation of greenhouse gas sequestration operations aimed at ensuring that—

(i) greenhouse gas sequestration operations are carried out in ways that minimise impacts on public health and the environment; and

(ii) consultation mechanisms are effective and appropriate access to information regarding greenhouse gas sequestration operations is provided; and

(iii) land affected by greenhouse gas sequestration operations is rehabilitated; and

(iv) just compensation is paid for the use of private land; and

(v) conditions in licences and approvals are enforced; and

(d) ensuring that greenhouse gas sequestration operations are conducted in accordance with the principles of sustainable development; and

(e) simplifying the planning approval process with respect to greenhouse gas sequestration operations; and

(f) ensuring that public health and environmental impacts are considered in planning for, and the authorisation, operation and decommissioning of, greenhouse gas sequestration operations; and

(g) enabling the Crown to assume responsibility for ongoing monitoring and verification of an underground geological storage formation that has been used to permanently store a greenhouse gas substance following the surrender or cancellation of an injection and monitoring licence.