The Australian Petroleum Production and Exploration Association said the amendments dealt with issues raised by the liquefied natural gas sector.
However, it noted the ETS was still constraining an industry that could contribute towards addressing global climate change.
"A well-designed scheme would encourage the expansion of Australia's LNG sector as more natural gas, producing between 50 and 70 per cent fewer greenhouse gas emissions, is substituted for coal in generating China and India's electricity generation," APPEA chief executive officer Belinda Robinson.
Her counterpart in the Chamber of Minerals and Energy Western Australia, Reg Howard-Smith, added the amendments were positive though they still fell short of addressing industry concerns.
"The changes do not address the central flaws of the CPRS and therefore its potential adverse impacts on employment, investment and competitiveness remain of concern to the WA resources sector," he said.
"CME has consistently argued a phased approach to auctioning as the most effective transition to an emissions trading scheme calibrated with the actions of other major nations and competitors."
Howard-Smith added a large proportion of WA's resource sector would receive no assistance from the federal government, forcing it to face carbon costs significantly higher than their international competitors.
The Chamber of Commerce and Industry of WA was more critical of the ETS, saying it was not in Australia's interest to rush into implementing a scheme when the world's largest emitters had yet to declare their own plans.
CCIWA said the responsible course for Australia was to wait on the outcomes of the Copenhagen Climate Change Conference in just a few weeks.
The chamber added an ETS had to be carefully designed and implemented to ensure the international competitiveness of local business, including WA's resources and energy sector, was not compromised.