The Greenhouse Gas
Reduction Scheme |
The NSW Greenhouse Gas Reduction Scheme (GGAS) commenced on 1 January 2003. It is one of the first mandatory greenhouse gas emissions trading schemes in the world. GGAS aims to reduce greenhouse gas emissions associated with the production and use of electricity. It achieves this by using project-based activities to offset the production of greenhouse gas emissions.
GGAS establishes annual statewide greenhouse gas reduction targets, and then requires individual electricity retailers and certain other parties who buy or sell electricity in NSW to meet mandatory benchmarks based on the size of their share of the electricity market. If these parties, known as benchmark participants, fail to meet their benchmarks, then a penalty is assigned. Monitoring the performance of benchmark participants is undertaken by the Independent Pricing and Regulatory Tribunal of NSW (IPART) in its role as Compliance Regulator.
Assessing abatement projects, accrediting parties to undertake eligible projects and then create certificates, and monitoring compliance with GGAS is the responsibility of the Scheme Administrator, currently IPART. The Scheme Administrator also manages the Greenhouse Registry which records the registration and transfer of certificates created from abatement projects.
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