The Albanese government is fast tracking the development of the Guarantee of Origin scheme, a crucial component of the $22.7b Future Made in Australia program.
The Guarantee of Origin scheme will provide the emissions accounting backbone to support the development of Australia's green industries.
The scheme will issue digital certificates that allow producers, exporters and users to prove where a product was made, and the emissions associated with its production and transport.
The scheme will commence with hydrogen and will then expand to include low carbon liquid fuels like sustainable aviation fuel, green metals like steel and aluminium, and biomethane and biogas.
The certificates will be used to establish eligibility for tax credits under the $6.7bn Hydrogen Production Tax Credit announced in the 2024/25 Federal Budget and are likely to play a crucial enabling role in the development of other green industries.
The Guarantee of Origin scheme is supported by the Renewable Electricity Guarantee of Origin scheme, which will issue digital certificates proving when, where and how renewable energy was produced. The scheme will replace the RET in 2030 as the framework for certifying renewable electricity.
The government almost doubled the funding for the development of the Guarantee of Origin scheme in the 2024/25 Budget, bringing the total committed funding to over $70.4m.
The government is currently considering the submissions made as part of its consultation into design questions. A final response to that consultation is due to be released shortly.
The Government is working to finalise the enabling legislation for this reform so it can commence operation in the second half of 2025.
Assistant Minister Jenny McAllister said, "The Guarantee of Origin scheme is the most important green industry program you never heard of.
"As the world decarbonises, it will be increasingly important for businesses to be able to account for the carbon emissions associated with their products.
"Guarantee of Origin is a key to new market opportunities for Australian energy exporters in the race to net-zero.
"The Guarantee of Origin scheme will give Australian companies a competitive advantage by providing government backed certification of the carbon intensity of key green products."
