The ACCU Scheme (formerly known as the Emissions Reduction Fund) has three key elements, including crediting, purchasing and safeguarding emissions reductions.
The Safeguard Mechanism was established as part of the ACCU Scheme. The ACCU Scheme provides an incentive for activities that count towards meeting Australia’s international climate commitments. The Safeguard Mechanism complements the emissions reduction elements of the ACCU Scheme by sending a signal to businesses to avoid increases in emissions beyond business-as-usual levels. It achieves this by placing a legislated obligation on Australia’s largest greenhouse gas emitters to keep net emissions below their emissions limit (or baseline).
The Safeguard Mechanism operates under the framework of the National Greenhouse and Energy Reporting scheme and applies to facilities with direct
scope 1 emissions of more than 100,000 tonnes of carbon dioxide equivalent (t CO2-e) per year. This extends to businesses across a broad range of industry sectors, including electricity generation, mining, oil and gas, manufacturing, transport, construction and waste. Collectively, these facilities account for about half of Australia’s emissions.
Safeguard facilities will be able to surrender Australian carbon credit units (ACCUs) to offset emissions over their baseline. For more information see
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.