3Objects

#### 3 Objects (1) The first object of this Act is to introduce a single national reporting framework for the reporting and dissemination of information related to greenhouse gas emissions, greenhouse gas projects, energy consumption and energy production of corporations to: (b) inform government policy formulation and the Australian public; and (c) meet Australia’s international reporting obligations; and (d) assist Commonwealth, State and Territory government programs and activities; and (e) avoid the duplication of similar reporting requirements in the States and Territories. (2) The second object of this Act is to contribute to the achievement of Australia’s greenhouse gas emissions reduction targets by ensuring that each of the following outcomes (the safeguard outcomes) are achieved: (a) net covered emissions of greenhouse gases from the operation of a designated large facility do not exceed the baseline applicable to the facility; (b) total net safeguard emissions for all of the financial years between 1 July 2020 and 30 June 2030 do not exceed a total of 1,233 million tonnes of carbon dioxide equivalence; (c) net safeguard emissions decline to: (i) no more than 100 million tonnes of carbon dioxide equivalence for the financial year beginning on 1 July 2029; and (ii) zero for any financial year to begin after 30 June 2049; (d) the 5‑year rolling average safeguard emissions for each financial year that begins after 30 June 2024 are lower than the past 5‑year rolling average safeguard emissions for that financial year; (e) the responsible emitter for each designated large facility has a material incentive to invest in reducing covered emissions from the operation of the facility; (f) the competitiveness of trade‑exposed industries is appropriately supported as Australia and its regions seize the opportunities of the move to a global net zero economy.