The Carbon Market Institute (CMI) has welcomed the federal government’s decision to cancel a decade-old stockpile of Kyoto carbon credits, as well as key milestone measures enhancing the credibility of the Australian carbon market.
Climate Change and Energy Minister Chris Bowen announced at today’s Emissions Reduction Summit that the government has cancelled surplus of about 700 million “Kyoto credits” which were accumulated over a decade ago.
CMI CEO John Connor described the cancellation as “an important move that completes the switch to the Paris Agreement era for Australian policy and commitments. The task is now to accelerate climate investments so Australia can help achieve the Paris climate targets,” he said.
Connor also welcomed today’s announcement by Minister Bowen of interim guidance for businesses and organisations keen to propose new methods to recognise activities that can earn Australian Carbon Credit Units (ACCUs).
“This will help to broaden the range of robust, investable methods that are available for earning ACCUs,” said Connor.
The release of the interim guidance followed other welcome recent decisions by the government, including its appointment of climate change expert Professor Karen Hussey as full-time chair of the ACCU Scheme’s new Carbon Abatement Integrity Committee, Connor said.
“As the Minister noted, Professor Hussey has more than 20 years’ experience in climate change economics, policy, regulation, and science, most recently as Deputy Director-
General at Queensland’s Department of Environment and Science,” Connor said.
“The government’s intention to appoint a First Nations representative to the Committee, and to strengthen the ACCU scheme’s First Nations consent arrangements in line with Chubb review recommendations are very positive developments.”
“The challenge now is to sustain this momentum as the government continues to roll out the recommendations of the ACCU Review, and equally importantly, build out the government’s strategy for using carbon markets across the six sectors of its net zero plan, which will help to consolidate the role of the crediting farmwork in the broader transition,” he concluded.
Connor also welcomed comments at the summit by shadow climate change minister Ted O’Brien confirming the Coalition’s support for reaching net-zero by 2050.
The shadow minister today told the summit that “we do share a bipartisan commitment to reach net-zero by 2050”.
Connor said the bipartisan support for net-zero by 2050 “provides crucial underpinning for national efforts to decarbonise, the contest is on how best to achieve that with the urgency and investment required”.
A Media Kit from the Summit is available here.
About the 10th Annual Australasian Emissions Reduction Summit
The Carbon Market Institute’s annual Emissions Reduction Summit is one of the largest and longest-running business and climate action events in the region and is taking place in Sydney today and tomorrow (September 14 and 15).
In the midst of a transformational 12 months for the global economy as it continues to navigate the escalating challenges, scrutiny and real-life impacts of climate change, this year’s Summit will provide a timely pulse-check on business progress, as well as government ambition and international action as leaders prepare for COP28 later this year.
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.