Claims that Australia’s carbon credit scheme has been defrauded have been exaggerated and the system is “essentially sound”, a report to the federal government says.
participants were being rewarded with billions of dollars in payments for activities that fail to absorb additional carbon or avoid emissions that would never have happened.
“Nevertheless, after 11 years of operation, the scheme can be improved – applying knowledge gained through implementation or practical experience is the story of continuous improvement.”The review recommends maximising transparency and data sharing, while enabling protection of privacy and commercial-in-confidence information, “to support greater public trust and confidence in scheme arrangements.
The Clean Energy Regulator should be responsible for project monitoring, compliance and enforcement. Government purchasing of ACCUs should be moved to another body to avoid conflicts of interest. The report emphasises that reaching net zero is vital but will be a huge challenge, with far-reaching implications for the economy and society, and that a suite of complementary policies will be required.
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