The Carbon Market Institute (CMI) has welcomed the government’s release of the Australian Carbon Credit Unit (ACCU) Review Discussion Paper, highlighting that the timely delivery and appropriate resourcing of the ACCU Review recommendations will be crucial in continuing to build investor and community confidence in the scheme.
The consultation on priority reforms were foreshadowed in June when federal government outlined the details of its ACCU Implementation Plan, which included a timeline for delivery of these recommendations.
CMI CEO John Connor said that the Discussion Paper comes at an important time where momentum must be maintained to continue to build integrity and transparency of Australia’s carbon crediting framework. The independent review, led by former Chief Scientist & Professor Ian Chubb, found the framework to be “sound”, but with areas for improvement.
“The review process has been an important one in identifying specific issues and delivering a plan to address those, and this Discussion Paper provides an important update and opportunity for key participants to continue to evolve the scheme.”
“We look forward to participating alongside other key stakeholders, however note that the overall implementation process should be balanced with the need to sustain momentum in the face of our escalating climate and biodiversity crisis.”
“Land based and other avoidance and removal activities cannot be a substitute for on-site industrial emissions reduction, but a robust carbon crediting framework can facilitate important climate action investment elsewhere in the economy where reductions are not immediately feasible.”
“As our recent submission to the Climate Change Authority highlights, carbon credits have an important role to play here as one important part of the climate policy response that needs to scale up to achieve 2035 emissions reductions of at least 70%,” he said.
CMI’s submission can be viewed here.
The government’s consultation period will close on Tuesday 3 October, 10 am. Submissions can be made via a consultation hub or via email – more details here.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is a member-based institute accelerating the transition towards a negative emissions, nature positive world. It champions best practice in carbon markets and climate policy, and its over 150 members include primary producers, carbon project developers, Indigenous organisations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector.