Environment Protection Authority Victoria (EPA) has updated its financial assurance guidelines to assist duty holders in ensuring appropriate funds are available in the event of a cleanup.
Duty holders that have a licence condition to maintain a financial assurance will be required to provide one that complies with the new guidelines.
Financial assurance will apply to prescribed industrial waste (PIW) management, landfills, bulk storage, and container washing.
The financial assurance publications include:
- The position statement describing how financial assurance is applied for licences and works approvals is available here.
- The guideline on types of financial assurance is available here.
- The guideline on the calculation of financial assurance for landfills, prescribed industrial waste (PIW) management, PIW composting and container washing is available here.
EPA Regulatory Practice and Strategy Executive Director, Chris Webb said all duty holders that were required to hold a financial assurance would need to review the specific requirements and prepare a proposal describing the amount and type.
“Financial assurance exists to protect Victorians from costly cleanup left behind by industry and was introduced as a regulatory tool following a number of incidents where EPA conducted clean up,” he said.
“EPA is ramping up its efforts on financial assurance conditions and will implement a compliance program which requires all sites that have a licence condition to maintain a financial assurance to establish or update the amount.
“EPA will be taking a phased approach to implementation, with high priority sites as the initial focus.”
Under the Environment Protection Act 1970, EPA has the power to determine the type and extent of financial assurance required.
For further information on financial assurances, please visit: http://www.epa.vic.gov.au/our-work/licences-and-approvals/financial-assurances