Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

Thanks, Senator Whish-Wilson. Of course the government understands the need to have financial assurance when it comes to the activities covered under this bill. However, under the Offshore Petroleum and Greenhouse Storage Act there are already provisions to include conditions for titleholders to maintain insurance and to impose discretionary securities. We've talked a bit already about the regulatory review that is underway to ensure that the regime that governs offshore activities, including CCS, is fit for purpose. It will examine the existing regime to ensure that appropriate policy and regulatory settings are in place through the whole life cycle of CCs activities, from exploration through to decommissioning of CCS project assets, to ensure that risks are appropriately managed.