The Australian Carbon Industry Code of Conduct (The Code) has today welcomed the Clean Energy Finance Corporation (CEFC) as its first Industry Supporter representing the demand-side of the market.
A world-first consumer protection mechanism, the Code became operational in July 2021 and has since committed the nation’s carbon industry to higher standards of behavioural integrity, transparency and accountability. It currently has 30 signatories and two formal Government Partners (Queensland and New South Wales Governments).
CMI CEO John Connor said the CEFC commitment marks an important development in promoting best practice standards in demand-side carbon procurement and climate strategies.
“Integrity must be an ongoing commitment from all market participants in order to move this market forward. Particularly in this transitional phase as we ramp up climate ambition, the support of the demand side of the market in upholding behavioral integrity is vitally important.”
“We welcome support of the Code by the CEFC as a really important step in not only leading the way in demand-side best practice standards, but also in engaging with the Code as an important risk management and due diligence tool to assist carbon market participation and procurement.”
Clean Energy Finance Corporation CEO Ian Learmonth says: “The world faces formidable challenges in addressing global emissions and we must take action across the economy if we are to achieve net zero emissions by 2050. Decarbonisation is currently harder in some sectors of the economy than others and carbon finance provides an important option to reduce emissions. The Code helps promote market integrity and consumer protection while providing guidance and accountability for industry practitioners and service providers undertaking carbon offset projects.”
Organisations can find out more about how to become an Industry Supporter or Signatory of the Code of Conduct at www.carbonmarketinstitute.org/code.
About the ACI Code of Conduct
The Code is administered by the Carbon Market Institute (CMI), which is the independent industry association for business leading the transition to net zero emissions. CMI launched the Carbon Industry Code of Conduct in 2018, and is Australia’s world-first carbon market-related consumer protection code of conduct.
The Code’s vision is to achieve a well-functioning emissions reduction and carbon sequestration industry in Australia at the scale and quality required to significantly contribute to Australia’s greenhouse gas reduction commitments under the Paris Agreement.
The Code’s role in the carbon market is significant in that it:
• Defines industry best practice for market participants including project developers, agents, aggregators and advisers in Australia’s carbon industry;
• Promotes consumer protection and appropriate and open interaction with clients;
• Provides guidance to scheme participants
• Promotes market integrity, transparency, and accountability; and
• Displays international leadership in Australia’s carbon market.
Code Signatories include carbon service providers who, on conservative estimates, represent over half of all carbon credits issued under the Federal government’s Emissions Reduction Fund. Code Signatories also include intermediary brokerage, legal and advisory service providers.
Click below to view and download the Administrator’s media release.