Senators have passed the Climate Change Amendment Bill 2023, which would regulate carbon markets.
The primary goal of the Climate Change (Amendment) Bill, 2023 is to alter the Climate Change Act of 2016 to provide for the regulation of carbon markets, which is not currently covered by the Act.
The carbon market is the system that enables and allows public and private entities to transfer and transact emission reduction units, mitigation outcomes, or offsets generated by carbon initiatives, programmes, and projects, subject to national and international law compliance.
