EPA Victoria is seeking feedback on a new draft guideline for the calculation of financial assurances for landfills, prescribed industrial waste (PIW) management, PIW composting and container washing.
The final version of this document will replace Guidelines for determining financial assurances – Schedule 4 premises (publication 456) and Determination of financial assurance for landfills (publication 777)
It has also released a draft guideline on the types of financial assurance it will consider when it comes to prescribed industrial waste management, landfills, bulk storage and container washing.
EPA Victoria requires operators of these facilities to provide a financial assurance – such as a bank guarantee – to cover the cost of a clean up in the event of an accident or business failure.
Financial assurance was introduced as a regulatory tool following a number of incidents where the authority conducted clean ups after business failures.
Under the Environment Protection Act 1970, EPA has the power to determine the type and extent of financial assurance required.
EPA has also published a draft position statement (EPA position on provision of financial assurance for licences and works approvals, publication 1568) outlining its approach to applying financial assurance to licences and works approvals. This publication will be finalised in April 2015.
EPA has sought views from targeted stakeholders and industry groups in the development of these draft guidelines and is conducting further engagement during the comment period.
Comment is sought by 23 March 2015 to financial.assurance@epa.vic.gov.au
