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As part of our commitment to continually improve our service and to help our clients meet their legal obligations, we continue to update the Legal Registers on our website and provide free quarterly legal compliance updates to anyone who subscribes. The purpose of these updates is to ensure you stay up to date with any changes in your legal compliance obligations, our updates can also be kept and can be used as evidence that your business is staying up to date with any changes in the legislation, this can be very helpful at audit time.
The Greenhouse Gas Emissions Trading Scheme Order 2020 is a regulatory framework designed to address greenhouse gas emissions and combat climate change. The scheme establishes a mechanism for trading emissions allowances, incentivizing companies to reduce their carbon footprint.
The purpose of the order is to create a market-based approach to emissions reduction by setting a cap on greenhouse gas emissions. The order requires companies in certain sectors to monitor, report, and surrender emissions allowances corresponding to their greenhouse gas output.
The requirements of the scheme include mandatory monitoring and reporting of greenhouse gas emissions by regulated entities. These entities are obligated to submit verified emissions reports and surrender a sufficient number of emissions allowances to cover their emissions during a specific compliance period.
The order applies to various sectors, including energy production, manufacturing, transportation, and others, that contribute significant greenhouse gas emissions. Specific thresholds and criteria are set to determine which companies fall under the scheme's jurisdiction. Entities that exceed the defined thresholds must participate in the emissions trading scheme and comply with the associated reporting and surrender obligations.
Overall, the Greenhouse Gas Emissions Trading Scheme Order 2020 establishes a framework for regulating and reducing greenhouse gas emissions by creating a market for emissions allowances. By imposing monitoring, reporting, and compliance requirements on applicable industries, the scheme aims to encourage emission reductions and contribute to the global efforts to mitigate climate change.
The Greenhouse Gas Emissions Trading Scheme Order 2020 sets out specific evidence requirements for companies participating in the scheme to ensure accurate monitoring, reporting, and compliance with emissions reduction targets. The evidence requirements are crucial for maintaining the integrity and effectiveness of the scheme. Some of the key evidence requirements include:
1. Emissions Monitoring: Regulated entities are required to monitor their greenhouse gas emissions using approved methodologies and measurement techniques. The order outlines the specific monitoring procedures and equipment that must be used to accurately measure emissions.
2. Emissions Reporting: Companies must prepare comprehensive emissions reports detailing their greenhouse gas emissions during a specified reporting period. These reports need to be in line with recognized reporting guidelines and standards, such as the Intergovernmental Panel on Climate Change (IPCC) guidelines or other approved protocols.
3. Verification: Emissions reports must be independently verified by accredited third-party entities. The order establishes criteria and guidelines for the selection and approval of verification bodies to ensure their competence and impartiality. Verification provides assurance that the reported emissions data is accurate and reliable.
4. Compliance Obligations: Regulated entities are required to surrender a sufficient number of emissions allowances to cover their reported emissions during a specific compliance period. The order specifies the procedures and deadlines for surrendering allowances, ensuring that companies meet their obligations and contribute to overall emissions reduction targets.
5. Record-Keeping: Companies participating in the scheme must maintain detailed records of their emissions monitoring and reporting activities. These records serve as evidence of compliance and may be subject to review and audit by the regulatory authorities.
6. Penalties and Enforcement: The order outlines penalties for non-compliance with the evidence requirements, including fines, sanctions, or other enforcement measures. These penalties serve as a deterrent to ensure that companies fulfill their obligations and adhere to the scheme's rules.
By establishing these evidence requirements, The Greenhouse Gas Emissions Trading Scheme Order 2020 aims to ensure transparency, accuracy, and accountability in the monitoring and reporting of greenhouse gas emissions. This helps maintain the integrity of the emissions trading scheme and facilitates effective emissions reduction efforts.
The Greenhouse Gas Emissions Trading Scheme Order 2020 may include certain exemptions to provide flexibility and accommodate specific circumstances. While the specific exemptions may vary depending on the jurisdiction implementing the scheme, some common exemptions can include:
1. Small Emitter Exemption: Some schemes may exempt small emitters or entities with low emissions from the reporting and compliance requirements. The threshold for determining small emitters can vary and may be based on factors such as annual emissions or annual turnover.
2. Low Emissions Activities: Certain activities or sectors with minimal greenhouse gas emissions may be exempt from the scheme. For example, industries with negligible emissions, such as certain agricultural practices or waste management processes, may be excluded.
3. De Minimis Exemption: A de minimis threshold may be established, allowing entities with emissions below a certain level to be exempt from the scheme. This exemption is typically aimed at smaller businesses or activities with limited impact on overall emissions.
4. Start-up or New Entrant Exemption: Schemes may provide temporary exemptions or phased-in compliance for newly established companies or activities. This exemption recognizes the challenges faced by new entrants and allows them time to adapt and comply with the scheme's requirements.
5. International Exemptions: Some schemes may exempt certain activities or entities that fall under international agreements or have emissions covered by other mechanisms. For example, emissions from international aviation or shipping may be subject to separate international agreements or protocols.
It is important to note that exemptions can vary depending on the specific jurisdiction and the design of the emissions trading scheme. The Greenhouse Gas Emissions Trading Scheme Order 2020 may provide specific details and criteria for the exemptions applicable in the jurisdiction where it is implemented.
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Including our quarterly legal compliance updates that are a great resource for evidence for your ISO audits.