John Kehoe, Economics editor, Australian Financial Review
Jan 9, 2023
Claims that Australia’s carbon credit scheme has been defrauded by business and landowners have been exaggerated and the system is “essentially sound”, a government review led by former chief scientist Ian Chubb says [according to the AFR].
But carbon markets can be made more transparent and the system could be better regulated to improve public confidence, according to some of the review’s 16 recommendations released by Energy and Climate Change Minister Chris Bowen on Monday.
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TO TACKLE HARMFUL climate change, Australia must genuinely cut emissions. The Climate Council says carbon offsets examined by the Chubb Review, released today, cannot be a substitute for avoiding and reducing harmful emissions.
In focusing on the governance, creation methods and reporting arrangements for Australian Carbon Credit Units (ACCUs), the Chubb Review may have met its brief but ignores the elephant in the room: too many major emitters are buying ACCUs so that they can continue to pollute as usual.
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