This Act, consisting of 18 Parts, aims to facilitate and regulate the injection of greenhouse gas substances into underground geological formations for the purpose of permanent storage of those gases, including to facilitate and regulate the exploration for suitable underground geological storage formations, as part of Victoria's commitment to the reduction of atmospheric greenhouse gas emissions. The Act establishes a legal framework for the regulation of greenhouse gas sequestration operations aimed at ensuring that: greenhouse gas sequestration operations are carried out in ways that minimize impacts on public health and the environment; consultation mechanisms are effective and appropriate access to information regarding greenhouse gas sequestration operations is provided; land affected by greenhouse gas sequestration operations is rehabilitated; just compensation is paid for the use of private land; and conditions in licences and approvals are enforced. The Act further provides for procedures and requirements for obtaining: greenhouse gas sequestration exploration permits; greenhouse gas sequestration formation retention leases; and greenhouse gas substance injection and monitoring licence.
Australia · 2008-11-05