Interesting but no one seems to have thought this whole thing through.
The legislation also seems to be silent on measurement.

When you make a charge or payment for something you immediately put
yourself under the requirements of the Commonwealth and State
Weights and Measurements Acts.

A dealer who buys sells a credit for so many tons of CO2 has to be
certain that there really was that many tons involved at some
specified accuracy.
A farmer that receives the payment will have to be able to
prove the amount of CO2, not guess it or estimate it, prove it !

The same applies internationally. This morning the East African
countries said they will release how much they expect western
countries to pay them for the CO2 we have generated.
How are you going to measure that ? With what accuracy ?
The whole thing becomes a madhouse, it appears from this post they
have no idea of just how to do it.

Bazz: "The whole thing becomes a madhouse, it appears from this post they have no idea of just how to do it."

Agreed. But it doesn't have to be. It is real simple. There are two ways we add carbon to the biosphere: dig up coal, and drill for oil / natural gas. That is it. It isn't hard to measure how much oil and coal we mine. Charge a levy, carbon trade or whatever on that amount and be done with it.

But no, every Tom, Dick and Harry wants to get their nose in the trough. And in trying to please everyone, the pollies have made a complete mess of it.