Carbon Credits Review
Chubb Review into carbon credits scheme confirms integrity
Following criticisms that the Australian Government’s carbon credits scheme lacked integrity and was failing to deliver real reductions in emissions, an independent review of Australian Carbon Credit Units (ACCUs) and the carbon crediting framework, led by former Chief Scientist, Professor Ian Chubb, has concluded that the scheme ‘was fundamentally well-designed when introduced’ and that the ACCU scheme arrangements remain ‘essentially sound’.
In addition, it was found that reported carbon abatement from projects registered under the scheme has not been overstated.
The Panel has made a number of recommendations to further improve the scheme, including changes to clarify governance arrangements, improve transparency and access to data, facilitate positive project outcomes and co-benefits and enhance confidence in the integrity and effectiveness of the scheme.
Following the release of the Review on 9 January 2023, Climate Change and Energy Minister Chris Bowen confirmed the government has accepted all 16 of the review panel’s recommendations in principle.
The results of this Review may provide some reassurance for landowners who have recently embarked on a project or are investigating the potential of registering a carbon project on their land.
Access the full report here: https://www.dcceew.gov.au/climate-change/emissions-reduction/independent-review-accus
Moin Morris Schaefer’s dedicated and experienced carbon farming team works with both landowners and carbon service providers to advise on and support their carbon farming ventures.