Carbon credit scheme to be more transparent

[Pelican Press 0]

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Carbon credit scheme to be more transparent

Changes to Australia’s carbon credit scheme will make the emissions-reduction arrangements more transparent, the climate change minister has pledged.

The federal government has agreed to all 15 recommendations of the Climate Change Authority’s review of the carbon crediting scheme, either in full or in principle.

The carbon credit scheme is used to encourage businesses or large projects to reduce emissions.

Participants in the scheme can earn a carbon credit for every tonne of carbon dioxide that is either stored or reduced from a project, such as planting native vegetation.

The credits can then be traded as a financial product to the private sector or back to the federal government.

The government said it agreed in principle to changes to the scheme put forward in the review to make more information about the program more readily available.

It also said it broadly backed changes that allowed projects to alter the requirement to maintain the amount of carbon being stored from 25 to 100 years.

Climate Change Minister Chris Bowen said the review of the scheme found it was performing well and was part of the transition to net-zero emissions.

“When introduced in 2022, the carbon credit scheme was based on sound science, best practice and independent advice,” he said.

“Thanks to climate policy reforms, science-based improvements and our restoration of the Climate Change Authority, that’s still true today.

“The Albanese government listens to the expert advice to ensure we are delivering emissions reduction as well as unlocking our potential as a renewable energy superpower.”

Another review of the scheme, led by former chief scientist Ian Chubb, called for the carbon credit program to allow third-party stakeholders to come up with different ways to reduce emissions.

However, critics said the proposal would undermine the system’s original intent.

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