The Australian Land Conversation Alliance (ALCA) has welcomed the Federal Government’s proposed changes to the Australian Carbon Credit Unit (ACCU) Scheme legislation introduced to Parliament today, saying it has the potential to drive greater benefits for the Australian people and nature, and can help deliver the large-scale environmental restoration needed to achieve Australia’s Net Zero Plan.
Michael Cornish, Policy Lead at ALCA, said allowing the Commonwealth to consider value for money when it purchases carbon credits was a ‘necessary first step’ to improve the role Australian carbon markets can play in delivering other public benefits alongside its emission reduction targets.
“There are large opportunity costs for Government when it supports carbon projects only on the basis of lowest cost – the Government should be considering how such projects can also deliver public benefits that align with other government policy goals,” Mr Cornish said.
“The Bill introduced today recognises that, alongside carbon emissions reduction, government procurement of carbon credits should consider the public benefits to biodiversity, as well as social and cultural benefits. We are pleased to see the Federal Government is taking a positive step in allowing value for money to be considered.”
Mr Cornish said the reform to the ACCU Scheme has the potential to help achieve the Federal Government’s net zero and nature positive commitments.
“The Federal Government has committed to delivering laws that are nature positive and is relying on major increases in land-based carbon sequestration to meet its climate targets,” Mr Cornish explained.
“ACCUs are a financial incentive for landholders and organisations to undertake projects that reduce or remove emissions. Once passed through Parliament, this reform means that the Government can now invest in options that deliver on multiple policy goals – and not just on cost – which can reward projects that protect nature as well as deliver on our national climate commitments.”
