Carbon farming methodologies in focus – ongoing review and scrutiny important
Statement attributable to John Connor CEO, Carbon Market Institute:
The Carbon Market Institute (CMI) acknowledges today’s ABC’s Background Briefing story and welcomes dialogue on some of the issues raised regarding carbon farming methodologies.
The integrity and additionality of all Australian carbon credit methodologies, and their governance framework, should remain under regular review and scrutiny.
The carbon farming industry is actively regulated and frequently audited by the Clean Energy Regulator. The independent Emissions Reduction Assurance Committee (ERAC) responded to concerns about the human induced regeneration method with in-depth research supportive of its additionality but also highlighting issues to be followed up as they should.
At COP26 a framework was established that will see the detailed design of global carbon market rules and standards. This will be developed over the next 2-5 years, creating a once-in-a-generation opportunity and responsibility to ensure high integrity standards supporting a more ambitious emission reduction trajectory.
Australian governments and business have an important role to play in this process. Australia has much to offer from a crediting framework developed over the last decade that, while not perfect, is highly regarded. The Australian Government is establishing an Indo-Pacific Carbon Offsetting Scheme to support emissions trading in our region. The evolution of both mechanisms will be important in building global best practice and integrity.
CMI’s recent work has focused on building the world’s first Carbon Industry Code of Conduct to promote market integrity and consumer protection. Since July this has been fully operational with an Independent Review Panel and an active complaints process. CMI will work with its members and stakeholders to further promote research, discussion and engagement in building a high integrity framework including ongoing analysis into the methodologies in focus today.