SYDNEY – Viridios Group (“Viridios”) has welcomed the release of the Final Report from the Independent Review of Australian Carbon Credits, which has found the scheme is fundamentally well-designed.
The review came in the wake of criticism of the scheme, which questioned the value of carbon credits it generated and its ability to incentivise any additional emissions reductions.
Although the report was broadly supportive of the Australian Carbon Credit Unit (ACCU) scheme, the review panel also made 16 recommendations to continue to improve the integrity and effectiveness of the carbon crediting framework.
“This report is a significant step in improving the integrity and effectiveness of the carbon crediting framework in Australia. The Chubb review’s recommendations for greater transparency and access to ACCU data will help market participants to make more informed investment decisions. It will also reassure the public and policy makers of the integrity of the ACCU market,” says Viridios Group CEO, Eddie Listorti.
“We’re already seeing this through our VAI business, where our ability to provide project developers, traders, asset managers and corporations with access to international carbon credit pricing, project data and analytics is improving confidence and driving market activity.”
Viridios Group’s VAI carbon credit pricing and project data platform has information on more than 7,000 carbon projects around the world with an increasing number from Australia. The platform allows users to view post-trade pricing data, valuations and detailed information on each project’s individual characteristics and the sustainable development goals it meets.
“Taking steps to better align the Australian carbon market with the international voluntary carbon market, will be critical to enabling the Albanese government to reach its 2050 net-zero and lower emissions by 2030 targets,” Listorti says.
“From better aligning the Offset Integrity Standards (OIS) with the Integrity Council for Voluntary Carbon Market Core Principles to recognising international methodologies and developing procedures to clearly show how ACCU project co-benefits align with the United Nations Sustainable Development Goals, we have a real opportunity to put Australian carbon credits on the world stage.
“If ever ACCUs are made available for trade in the international carbon market, now is the time to ensure they are of the highest quality and continue to command a price premium.
“Climate change is a global challenge and by ensuring we deliver high quality ACCUs that align with international standards and methodologies, Australian carbon projects will be well positioned to lead international carbon markets,” says Listorti.
For further information on Viridios, visit: viridioscapital.com and viridios.ai.
Viridios Group CEO Eddie Listorti is available for interviews.
Contact: Tom Godfrey | +61 (0)477 486 095 | [email protected]
Viridios Capital (viridioscapital.com), a Viridios Group company, is a specialist climate change investment manager founded in 2019. It has two main activities: Capital Markets: Advisory, managed accounts, registry and risk management, trade execution, and structured products and Origination: Focussing on sourcing carbon credits in the primary markets and generating low term customer value by working directly with project developers. It is headquartered in Sydney, Australia and holds Australian Financial Services Licence #521837.
Viridios AI (www.viridios.ai), a Viridios Group company, is committed to improving the value discovery around carbon projects to allow capital to flow more freely into the complex carbon markets as the world seeks to meet its climate and net-zero targets. Its mission is to bring robust valuation methodology and instruments found in all other commodity markets, to this critical asset class and to help clients future-proof their carbon offset strategies. The VAI platform provides access to Viridios AI’s market-leading modules, Valuation Risk Engine (VRE) and MARKS, providing subscribers with a full suite of carbon market intelligence on a single dashboard.