Independent review into Australian carbon credit units

In 2022, the Australian Government legislated targets of a minimum 43 per cent reduction in greenhouse gas emissions by 2030 (based on 2005 levels) and 'net zero' emissions by 2050. To achieve this, the Minister for Climate Change and Energy, the Hon Chris Bowen, emphasised the importance of having a strong and credible carbon crediting scheme and carbon market.

In July 2022, the Minister commissioned an independent panel led by former Chief Scientist, Professor Ian Chubb, to review the integrity of Australian Carbon Credit Units (ACCUs) under the Emissions Reduction Fund (ERF), Australia's carbon crediting scheme.

The ERF is the Australian Government's primary initiative to reduce and remove greenhouse gases from the atmosphere through carbon farming projects that allocate one ACCU for each tonne of carbon abatement. This provides a financial incentive for businesses and landowners to reduce greenhouse gas emissions, principally carbon dioxide (CO2), in return