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ARTICLE · 16 JUNE 2013

Ongoing greentape reduction reforms for resource activities in Queensland

Holding Redlich
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Proposed changes standardise financial assurances for ERAs and streamline assessment of low risk petroleum activities.

AustraliaEnergy and Natural Resources
Kelly Alcorn
Kelly Alcorn
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Overview

As part of the ongoing reforms introduced by the Environmental Protection (Greentape Reduction) and Other Legislation Amendment Act 2012 (the Greentape Reduction Act), the Queensland Government has introduced further changes to the Environmental Protection Regulations 2008 (the EP Regulations) to standardise financial assurances for ERAs and streamline assessment of low risk petroleum activities.

The Environmental Protection Amendment Regulation (No. 1) 2013 implements the following changes:

  • Introduction of the Financial Assurance under the Environmental Protection Act 1994 Guidelines (the Guidelines) which is intended to outline when financial assurance is to be required for resource activities and some prescribed ERAs, the amount and form of financial assurance and how the requirement can be discharged; and

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