Viridios Capital

Chubb Review Findings
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In its final report released today, an independent review panel looking at Australian Carbon Credit Units (ACCUs) has found that “the scheme was fundamentally well-designed when introduced”.

The review panel has also made 16 recommendations to continue to improve the integrity and effectiveness of the carbon crediting framework.

From improving governance and transparency to facilitating positive project outcomes and co-benefits, the recommendations include:

  • The creation of a new body, the Carbon Abatement Integrity Committee, with the major responsibility of assuring method integrity.
  • Amending legislation to maximise transparency, data access and data sharing to enable communities and carbon market stakeholders to assess, understand and manage potential project impacts and opportunities. Critically, “the default should be that data be made public” and “the government should explore using a national platform for sharing information and data about the ACCU scheme”.
  • Taking a more modular proponent-led approach to method development, which is commonly accepted international practice, to facilitate fit-for-purpose methods for delivering high integrity emissions reductions.
  • Clearly defining the Offsets Integrity Standards (OIS) and supplementing them with the ACCU Scheme Principles. Importantly, the Review states that “international experience and initiatives such as the Integrity Council for Voluntary Carbon Markets Core Principles… should be taken into account”.
  • Ensuring methods for Human-induced Regeneration (HIR) result in project areas that “become native forest, attain forest cover and permanently store carbon”.
  • Changes to landfill gas methods to put in place arrangements for early reviews and voluntary adjustments to the baseline of existing projects.
  • The Clean Energy Regulator developing “procedures to support transparency of different project characteristics and types of co-benefits associated with ACCUs”.
  • The mandatory requirement for Climate Active organisations to use a minimum of 20 per cent ACCU to achieve their emissions should not come into effect.

You can read all the recommendations and the full report here: https://lnkd.in/gBJwR-f9