An independent review of the Australian Carbon Industry (ACI) Code of Conduct has been completed to ensure the code remains up-to-date and aligned with current best practices.
The Carbon Market Institute (CMI) is administering the voluntary industry code for the carbon market in Australia. CMI appointed Finity Consulting to conduct the second independent review of the Code, and asked for recommendations about its future direction and scope.
The review found that the code’s reach has expanded and is being widely viewed as benchmarking best practices in Australian carbon markets. Key recommendations include:
- Align where appropriate with leading international standards such as the VCMI Claims Code and Core Carbon Principles for the Voluntary Carbon Market
- Achieving structural independence between CMI and the Code Administrator to assure confidentiality and avoid potential and perceived conflict of interest
- Emphasise integrity standards across all industry participants
- Improvements to foster transparency, fair bargaining processes, and supporting compliance through education and accreditation schemes.
“The independent review is an important step in strengthening the role of the code in providing assurance of the integrity and transparency of the Australian carbon market and carbon industry,” said John Connor, CMI CEO.
“I would like to thank Finity Consulting on conducting this review and providing recommendations for the future role and reach of the code.”
“The second independent review marks another milestone in firmly embedding the Code as the benchmark in consumer protection and integrity,” concluded Connor.
CMI’s Director of Integrity and Compliance and Code Administrator, Samuel Dawes said: “Last month we released the 2024 Annual Report showing that despite an increase in complaints there was also an increase in compliance, meaning overall the significance of the code in promoting best practices in the Australian carbon market has increased.”
“Looking ahead, we will be implementing the recommendations from the independent review and addressing the recommendations in a revised edition,” said Dawes.
The Code has 45 Signatories and 3 Government Partners that have confirmed their support (NSW, Queensland and Western Australia Governments).
The independent review report and a summary of main findings are available from the code website.
The Code’s 2024 Annual Report was issued in October 2024.
