In a rare public appearance, the Chair of the Independent Review of Australian Carbon Credit Units (ACCUs), Professor Ian Chubb, has told the Australasian Emissions Reduction Summit of the progress made by the review panel to-date, including the key themes emerging from the consultation process.
In the midst of an extensive consultation period with key stakeholders, Professor Chubb outlined the following themes emerging from over 200 submissions made to the panel:
- “A widespread call for increased transparency, particularly to allow third party assessments and validation, given the data is presently not available to those parties. “
- “Offsets integrity standards need to allow for improvements and realignments in response to changes. There has to be capacity to adjust and improve as new opportunities arise.”
- “A widespread view that governance of the scheme should better reflect best practice in distribution of responsibilities. There is a view, through no fault of its own, that the regulator has been asked to do multiple tasks which some people see as a potential for conflict and that we should seek to simplify.”
- “More flexibility and agility [is required] to update new technology in response to new scientific information.”
- “A significant effort should be made to provide more opportunities for First Nations expert advice and project participation than there presently is, based on the way the scheme is structured.”
- “There was significant input on the importance of co benefits – environmental, economic, social and cultural, particularly communities. Not every community believes all of this is in their interests.”
Due to be submitted to the Minister for Climate Chane and Energy shortly before Christmas, the final report will make recommendations based on key principles that govern the Carbon Farming Act.
“The purpose of the act is clear. It’s about pulling down greenhouse gas emissions from atmosphere, as well as avoiding emissions. Both of them are important. We’ve got to cut emissions in this country, and we also have to draw down CO2.”
“Somewhere along the line, this group will have to make a judgement call about where the weight of evidence lies, and if and how we can improve it so that the trust issue improves and the value of the whole scheme increases,” he said.
Commenting on the process, CMI CEO John Connor said:
“Summit delegates were keenly interested in Professor Chubb’s comments and his summary of key themes, which offered useful guidance as the review panel begins to develop final recommendations. CMI has called for a raft of reforms addressing these themes and we look forward to reviewing the findings later this year.”
“This is a framework which has immense potential to make significant contributions to our national and global emissions reduction challenge, not only towards 2050 but beyond that as well – as Professor Chubb alluded to. However this must not come at the expense of integrity and real and scaled up emissions reductions,” he said.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is an independent industry body, championing business best practice towards a negative emissions, nature positive world. Its nearly 150 members include primary producers, carbon project developers, Indigenous corporations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries developing decarbonisation and offset strategies. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector. CMI’s latest Advocacy Policy Positions Statement can be viewed here.
About the AER Summit
The Carbon Market Institute’s 9th Australasian Emissions Reduction Summit is Australia’s premier business and climate action event for 2022. For nearly a decade, the Summit has been an important forum for discussion on climate and regional realities, as well as the investment required for a ‘just’ and inclusive transition to a net zero economy. It has also been a key platform for CMI’s mission to help business manage risks and capitalise on opportunities in the transition.
This year’s event focused on urgency, integrity and ambition and featured more than 100 national and international speakers. It came at another crucial juncture as the new Labor Government was overseeing significant climate policy reform, handed down its first federal budget and as carbon market growth and corporate decarbonisation accelerated in the US, Asia and Europe.
For further information, contact Thomas Hann on 0408880536 or thomas.hann@carbonmarketinstitute.org
