Projects participating in Australia’s carbon crediting scheme are credited with one Australian Carbon Credit Unit or ACCU for each tonne of carbon dioxide equivalent (tCO2-eq) greenhouse gas emissions stored or avoided by a project.
Recognising the importance of Australia’s carbon crediting scheme in reaching Australia’s emission reduction targets, in July 2022 the government appointed an independent panel, led by former Chief Scientist Professor Ian Chubb to review the scheme.
The Review concluded that the ACCU scheme arrangements are essentially sound, incorporating mechanisms for regular review and improvement. It found that after 11 years of operation there is room for further improvement.
The Review recommended a number of changes to:
clarify governance
improve transparency
facilitate positive project outcomes and co-benefits,
enhance confidence in the integrity and effectiveness of the scheme.
The 16 recommendations made by the panel include:
clearly identifying and separating the key roles of integrity assurance, regulation and administration
improving transparency and removing unnecessary restrictions on data sharing
improving the administration of three ACCU methods
clarifying the intention of the scheme
providing more support for regional communities and First Nations people to participate in and benefit from the scheme
improving information and incentives, including in relation to non-carbon benefits and attributes.
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Media release announcing the government’s response to the Independent Review of Australian Carbon Credit Units (ACCUs)
Media release announcing the Independent Review of Australian Carbon Credit Units (ACCUs)
Australian Government’s response to the independent Review of Australian Carbon Credit Units