In a report released in Australia on Monday, a six-month review of Australia’s carbon offsets programme did not see anything wrong with approved emissions abatement projects, albeit it wants a separation of regulatory roles and increased funding to improve the system.
Following allegations that some projects were earning credits without really adding to emissions abatement, the government 2022 appointed Ian Chubb, an independent leading scientist, to lead a panel set up to review the integrity of Australian Carbon Credit Units (ACCU).
The validity of the carbon credits programme is essential at a time when Australian companies continue to buy credits to help them meet their own emissions reduction targets and the government on Monday said it accepted the panel’s recommendations.
Read also: Guterres seeks massive efforts for Pakistan flood rehabilitation
In the report submitted by the panel on Monday, Chubb said after hearing evidence on both sides, the independent panel did not find the level of emissions reductions claimed by some projects was overstated and concluded the scheme was well-designed when introduced but can be improved upon after its eleven years of operation.
The recommendations focused on separating the main roles of assuring the integrity of carbon credits, regulation and administration, improving data sharing, and protecting Indigenous people’s interests.
The panel also urged the Australian government to set up an independent carbon abatement integrity committee “with enhanced resourcing” to ensure carbon farming projects actually help the country meet its targets of a 43% reduction in emissions from 2005 levels by 2030, and net zero by 2050.
The government welcomed the report in a statement from Climate Change and Energy Minister Chris Bowen.
“The panel’s recommendations will help ensure Australia’s carbon crediting scheme has the highest integrity and contributes to achieving Australia’s emission targets,” Bowen said.
Story was adapted from Reuters.
