Overview
An independent expert panel is reviewing the integrity of Australian Carbon Credit Units (ACCUs) under the Emissions Reduction Fund.
The Review Panel is seeking your views on the integrity of ACCUs, and the broader impacts of activities incentivised under the ACCU scheme framework.
The purpose of the Review is to ensure that ACCUs and Australia’s carbon crediting framework are strong and credible and will be supported by participants, purchasers and the broader community.
The Review will help ensure the integrity of the system in contributing to Australia’s emissions reduction targets, strengthen the carbon market and support reforms to industrial facilities covered by the Safeguard Mechanism.
The Review will consider how well the system contributes to regional economies and the broader community; and whether the right processes are in place to avoid adverse impacts.
The Review Panel will provide the government a report with recommendations by 31 December 2022.
The Review Panel members are:
Professor Ian Chubb AC FAA FTSE (Chair)
the Hon Dr Annabelle Bennett AC SC FAA
Ms Ariadne Gorring
Dr Steve Hatfield-Dodds.
Australia’s Carbon Crediting framework: ACCU scheme
The Emissions Reduction Fund is a voluntary scheme that offers landholders, communities and businesses the opportunity to run projects in Australia that avoid the release of greenhouse gas emissions or remove and sequester carbon from the atmosphere. It is enacted through the Carbon Credits (Carbon Farming Initiative) Act 2011 and the Carbon Credits (Carbon Farming Initiative) Rule 2015.
A number of activities are eligible under the scheme and participants can earn ACCUs for every tonne of emissions reduced or stored. ACCUs may be held or sold to generate income, to the Australian Government through a carbon abatement contract, to companies and other private buyers, and on the secondary market.
