The Australian Government has released the Australian Carbon Credit Unit (ACCU) implementation plan to ensure the scheme continues to help us reach net zero by 2050.
From July to December 2022, an independent panel reviewed the ACCU scheme. The panel recommended several changes to enhance the integrity and effectiveness of the scheme.
The government accepted all 16 recommendations in principle, and implementation is already underway:
- the Safeguard Mechanism reforms went through the Australian Parliament in March 2023 and included 3 amendments to the ACCU scheme to strengthen its integrity by increasing the transparency of ACCU project information, assuring method integrity and bolstering the independent Integrity Committee
- the Clean Energy Regulator has commenced publishing carbon estimation area data on the ACCU scheme project register
- the Minister for Climate Change and Energy revoked the Carbon Credits (Carbon Farming Initiative—Avoided Deforestation 1.1) Methodology Determination 2015 (avoided deforestation method)
- Climate Active participants are not required to use a minimum 20% ACCUs.
The implementation plan sets out the timing and approach to fulfill the remaining reforms.
The government will consult all stakeholders including First Nations people, on implementation of the reforms.