EPA is seeking feedback on its draft statement of position on the way financial assurance will be applied to licences and works approvals.
You can read the draft position paper here.
Financial assurances will apply to prescribed industrial waste management, landfills, bulk storage, and container washing.
The purpose of a financial assurance is for the duty holder to assure EPA that in the event that a clean-up is required, appropriate funds are available.
Financial assurance was introduced as a regulatory tool following a number of incidents where EPA conducted clean up following a business failure.
Under the Environment Protection Act 1970, EPA has the power to determine the type and extent of financial assurance required.
The comment period for the position paper closes on 1 August 2014.