❓ A WA parliamentary question seeks details on climate change clauses in investment security guarantees (ISGs) related to forestry, specifically regarding wording, potential changes, and involved investors. The answer clarifies the ISG terms and the parties involved.
AnsweredQoN 334Legislative Council
QuestionView source ↗
INVESTMENT
SECURITY GUARANTEES — WORDING
334. Hon GIZ WATSON to the minister representing the
Minister for Forestry:
(1) For each
investment security guarantee currently in place, what is its wording with respect
to climate change?
(2) Regarding each answer to (1) —
(a) Is there any intention to change
that wording; and, if so, how?
(b) Who is the investor for that ISG?
SECURITY GUARANTEES — WORDING
334. Hon GIZ WATSON to the minister representing the
Minister for Forestry:
(1) For each
investment security guarantee currently in place, what is its wording with respect
to climate change?
(2) Regarding each answer to (1) —
(a) Is there any intention to change
that wording; and, if so, how?
(b) Who is the investor for that ISG?
AnswerView source ↗
I thank the honourable member for some notice of this question.
(1) Each ISG provides as follows —
3.1 No Compensation under ISG
The Minister will not be liable to
pay Compensation to the Recipient in any of the following circumstances:
(e) with respect
to the Compensation claimed under clauses 2.1(c) (d) and (e), the change in
State government policy which causes the reduction in Log Timber Intake or the
refusal to offer a Rollover Contract, as the case may be, was influenced by:
(i) climate change; or
(ii) an increase
in the spread of dieback,
which has caused
a reduction in the sustainable yield of Log Timber.
3.2 Climate Change Etc.
The decision as to whether and to
what extent there has been climate change or an increase in the estimated
spread of dieback will be made by the State. Where climate change or an increase
in the estimated spread of dieback has influenced State government policy
resulting in a reduction in the Log Timber Intake or the quantity of Log Timber
to be delivered under the Rollover Contract or the refusal to offer a Rollover
Contract, as the case may be, the State will provide the Recipient with a copy
of any relevant reports that have been considered by the State in its decision.
(2) (a) The
ISG is a tripartite agreement between the relevant minister, which is currently
the Minister for Science and Innovation, the relevant contractor and the Forest
Products Commission. The Minister for Forestry is not a signatory to any ISG.
Any changes to the wording of an ISG will need to be considered at that time
and made with the parties concerned.
(b) The
following parties have ISG agreements with the FPC and the relevant minister—Auswest
Timbers Pty Ltd; Blueleaf Corporation Pty Ltd; Yornup Mill Pty Ltd and ND and
BJ Holdsworth, trading as Greenacres Mill; Auswest Timbers Pty Ltd, assigned
from Gunns Ltd; Middlesex Mill Pty Ltd; Nannup Timber Processing Pty Ltd; and
Hexan Holdings Pty Ltd, trading as Whiteland Milling.
(1) Each ISG provides as follows —
3.1 No Compensation under ISG
The Minister will not be liable to
pay Compensation to the Recipient in any of the following circumstances:
(e) with respect
to the Compensation claimed under clauses 2.1(c) (d) and (e), the change in
State government policy which causes the reduction in Log Timber Intake or the
refusal to offer a Rollover Contract, as the case may be, was influenced by:
(i) climate change; or
(ii) an increase
in the spread of dieback,
which has caused
a reduction in the sustainable yield of Log Timber.
3.2 Climate Change Etc.
The decision as to whether and to
what extent there has been climate change or an increase in the estimated
spread of dieback will be made by the State. Where climate change or an increase
in the estimated spread of dieback has influenced State government policy
resulting in a reduction in the Log Timber Intake or the quantity of Log Timber
to be delivered under the Rollover Contract or the refusal to offer a Rollover
Contract, as the case may be, the State will provide the Recipient with a copy
of any relevant reports that have been considered by the State in its decision.
(2) (a) The
ISG is a tripartite agreement between the relevant minister, which is currently
the Minister for Science and Innovation, the relevant contractor and the Forest
Products Commission. The Minister for Forestry is not a signatory to any ISG.
Any changes to the wording of an ISG will need to be considered at that time
and made with the parties concerned.
(b) The
following parties have ISG agreements with the FPC and the relevant minister—Auswest
Timbers Pty Ltd; Blueleaf Corporation Pty Ltd; Yornup Mill Pty Ltd and ND and
BJ Holdsworth, trading as Greenacres Mill; Auswest Timbers Pty Ltd, assigned
from Gunns Ltd; Middlesex Mill Pty Ltd; Nannup Timber Processing Pty Ltd; and
Hexan Holdings Pty Ltd, trading as Whiteland Milling.
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