The Clean Energy Regulator has responded to the ABC’s article on the price of Australian carbon credits.
The article incorrectly states that ‘there are not actual emissions reductions’ in the process of Australian businesses buying Australian carbon credit units (ACCUs) and using them to offset emissions.
In another incorrect claim, the article goes on to claim that the Clean Energy Regulator is ‘poised to step in to increase the supply of credits in order to artificially reduce the price on carbon’.
These statements fundamentally misrepresent the way in which ACCUs are created. The Clean Energy Regulator can and does only issue ACCUs in accordance with rules set in legislation.
Under the Emissions Reduction Fund (ERF), one ACCU is issued for every tonne of emissions stored or avoided by eligible, registered ERF projects. The ERF best practice crediting framework has a well-deserved reputation for integrity. This is reflected in the premium price paid for ACCUs in the carbon market compared to units from other offsets schemes.
We have seen an increase in the total amount of ACCUs issued, with total issuance likely to exceed expectations for 2021 and reach 17.3 million ACCUs. This means the amount of real abatement from ACCUs is increasing each year. We have also seen an increase in the number of ERF projects registered – ensuring increasing abatement into the future.
We are also seeing strong increase in demand for ACCUs as well as other offset units and certificates. The Clean Energy Regulator’s latest Quarterly Carbon Market Report shows that there has been a 24 per cent increase in voluntary demand for units and certificates over the last 12 months as corporates and others take action to reduce emissions and help achieve net zero.
For more information about the benefits already being realised from our ERF projects see
Emissions Reduction case studies.
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