The Albanese Government is seeking proposals for new Australian Carbon Credit Unit (ACCU) Scheme methods as part of a new proponent-led process launched today.
This new process will see ACCU Scheme methods developed outside of government – a critical step in the ongoing reforms to Australia’s carbon crediting system.
Any interested individual, group or organisation can now submit a method proposal for carbon abatement that would be achieved by avoiding emissions or storing carbon in natural systems.
The independent Emissions Reduction Assurance Committee will assess all proposals for new methods and advise the government on which proposals should be prioritised for development.
Launching the new process is another step in delivering on the Independent Review of ACCUs’.
Minister for Climate Change and Energy Chris Bowen said the proponent-led approach would ensure the ACCU Scheme continues to deliver high-integrity emissions reduction.
“We’re bolstering the integrity of Australia’s carbon crediting scheme and delivering on recommendations from the independent Chubb Review,” Minister Bowen said.
“Public confidence in the integrity of ACCUs is critical to the success of Australia’s carbon market and this calls for a more inclusive and transparent process for method development.
“The proponent-led model aims to encourage more innovative approaches to carbon abatement and will help to boost the supply of ACCUs to support our net zero ambition.”
The ACCU Scheme supports progress towards Australia’s targets of 43% emissions reduction by 2030 and net zero by 2050, delivering much of the ‘net’ in net zero.
The 2024-25 Budget invested $48 million to continue essential reforms to the scheme, including to implement the new proponent-led process, building on the last Budget’s $18.1 million allocation. This includes $12.2 million to support First Nations peoples participate in upfront consent negotiations for ACCU projects.
