The Australian Government has agreed to prioritise 4 new proponent led methods for development under the Australian Carbon Credit Unit Scheme (ACCU).
ACCUs play an important role in achieving emissions reductions and meeting our net zero climate targets.
The proponent led process involves ACCU Scheme methods developed outside of government - a critical step in the ongoing reforms to the ACCU Scheme. This approach was a recommendation from the Independent Review of ACCUs.
The announcement means the Australian Government is delivering on its commitment to bolster our carbon market with innovative methods to support a strong forward pipeline of high integrity ACCUs.
The independent Emissions Reduction Assurance Committee (ERAC) assessed 39 Expressions of Interest submissions for new methods and identified 4 methods for prioritisation:
Improved Native Forest Management in Multiple-use Public Forests
The New South Wales (NSW) Department of Climate Change, Energy, the Environment and Water proposed a method to stop or slow down harvesting of publicly owned native forests. Not harvesting the forests for timber or letting them grow older before cutting them down, could enable ACCUs to be issued for storing more carbon.
Extending Savanna Fire Management to the Northern Arid Zone
The Indigenous Desert Alliance proposed a method to expand fire management to more areas in Australia, particularly lower rainfall areas across northern Australia. This method could reduce emissions while bringing more economic benefits and opportunities for First Nations communities
Improved Avoided Clearing of Native Regrowth
The Queensland Department of Environment, Science and Innovation developed a proposal for a method to receive ACCUs by stopping clearing of native forest regrowth. In Queensland for example, farmers can legally clear land for agriculture. This new method could provide an incentive for them to not clear the land and receive ACCUs for the carbon stored in the forest.
Reducing disturbance of coastal and floodplain wetlands by managing ungulates
Ungulates are hooved animals like water buffalo and pigs, which are destroying wetlands in northern Australia.
The Northern Australian Indigenous Land and Sea Management Alliance and the University of Queensland proposed a method to protect these areas to reduce the greenhouse gas emissions released to the atmosphere when the wetlands are disturbed.
We will work with the prioritised method developers to progress their proposals.
The Independent Emissions Reduction Assurance Committee (ERAC) provided advice to the government on these method development priorities.
