Updated November 13, 2018 12:10:31As you know, the carbon tax introduced in 2018 has already been rolled out across many Australian cities and towns and in some states it is also being rolled out in Tasmania and Western Australia.
But the introduction of the levy in Victoria was delayed until later in 2019.
Now the ACT has taken advantage of this delay and is now the first state to introduce the carbon levy in 2018.
The ACT Government’s announcement comes after it was announced in the ACT Parliament that the levy would be implemented in Victoria from next year.
According to the ACT Government, the Carbon Tax will raise an additional $1.9 billion over five years and will also be an additional revenue stream for the State Government.
However, the State’s revenue stream has yet to be finalized, and it remains unclear how much the levy will generate for the state.
As a result, many in the community are asking what impact the Carbon Taxes would have on local communities.
The ACT Government has already released its Climate Action Plan to help plan for the carbon price implementation, and has set out some key measures for the implementation of the carbon taxes.
The Carbon Tax: A blueprint for a green economy.
The Government has published a draft report on the carbon pricing policy in Australia.
A blueprint for an economy with zero carbon emissions.
The plan is available to download and view online.
Climate Action Plan: A plan to tackle climate change.
The Climate Action Report is also available to view online and will help to inform the Government’s climate policy decisions.
Australia’s first carbon tax.
What’s in the Carbon Price?
The carbon price is a set of measures the Government is setting out to help fund the implementation and monitoring of the Carbon Prices.
It will be a set amount of carbon dioxide (CO2) that is removed from the atmosphere and used to reduce the intensity of weather events such as extreme weather events and extreme weather-related economic losses.
When is the Carbon Pricing due to start?
The Carbon Pricing is set to start in 2019 and the Carbon Rates will commence in 2020.
How does the Carbon price work?
The prices will be calculated at a regional level, using the carbon intensity index (CIE) for Australia, and the intensity index for the Australian Capital Territory (ACT).
Each regional carbon price will be based on a regional carbon intensity rating and will have a regional value, which is calculated as the number of tonnes of CO2 equivalent removed from Australia’s atmosphere in a year.
At the end of the first year, the regional carbon pricing will be adjusted to reflect a new regional value for the ACT.
The carbon price adjustment is designed to help ensure that the carbon prices are not set arbitrarily in one region or the other, rather it’s designed to reflect regional and local climate change trends.
Is the carbon taxation revenue to be used for mitigation and adaptation?
The Commonwealth Government says the Carbon pricing will help provide a sustainable funding stream for local governments to mitigate climate change impacts and adapt to climate change, and to protect and enhance our climate and resilience.
According to The Climate Council, the Coalition Government has a climate action plan that sets out how it plans to achieve its carbon pricing target of zero emissions and climate action commitments.
Where can I find out more about the Carbon taxes?
You can read the Climate Action Plans (CAPs) for the four regional carbon prices here.
You can download the Climate Change Report (CCR) for each regional carbon rate here.
You can view the Climate Policy Report (CPR) and Climate Impact Statement (CIS) for carbon prices in each regional price here.
And for more information about carbon pricing, read our guide to carbon pricing in Australia here.