Australian Carbon Credit Units (ACCU) Review Discussion Paper consultation

Australia needs to accelerate its emissions reduction if we are to meet our net zero targets, let alone the carbon reductions needed to keep warming below 1.5°C or even 2°C (Australian Academy of Science 2021; Climate Council 2023; ATSE 2023). Australia now has an opportunity to lead the world in ensuring Australian carbon credits are internationally recognised and reflect genuine, permanent additionality in carbon abatement.

To restore trust in Australia's carbon credits they need to meet the highest international standards and the ACCU principles need to align with these standards. The new Carbon Abatement Integrity Committee must be able to provide independent oversight based on the best scientific evidence available. Publicly publishing data on carbon credits will allow independent experts to verify methodologies and claimed outcomes. This will in-turn support, and be supported by, regular biophysical auditing by independent experts.

ATSE makes the following reccomendations to help ensure ACCUs meet the highest international standards:

Recommendation 1: Ensure the Climate Change Authority’s Offset Criteria, including permanence and additionality, are reflected within the ACCU Scheme Principles.

Recommendation 2: Require ACCU permanence requirements to extend well beyond the net-zero target date of 2050.

Recommendation 3: Require the Carbon Abatement Integrity Committee to have functional independence from other administrators of ACCUs.

Recommendation 4: Ensure ACCU data is made publicly available and ACCUs are subject to regular independent biophysical audits, with the real prospect of withdrawal if auditing dictates.