Announcement date
9/01/2023
Link to announcement
https://www.dcceew.gov.au/about/news/australian-governments-response-independent-review-accu
Problem being addressed
In July 2022 the government appointed an independent panel, led by former Chief Scientist Professor Ian Chubb to conduct a review to ensure that the Australian Carbon Credit Units (ACCU) and the carbon crediting framework maintain a strong and credible reputation supported by participants, purchasers and the broader community.
Proposal
On 9 January 2023 Minister Bowen released the Australian Government response to the Chubb Review, which concluded that the ACCU scheme arrangements are essentially sound, incorporating mechanisms for regular review and improvement. It found that after 11 years of operation there is room for further improvement.
The Government has agreed in principle to the 16 recommendations, which include a range of proposals to improve the operation of the scheme, including for the accreditation and regulation of carbon service providers and carbon market advisors.
Assessed Impact Analysis outcome
Consistent with the Government’s Impact Analysis requirements, the Department of Climate Change, Energy, the Environment, and Water (DCCEEW) certified the Chubb Review as meeting the requirements of an Impact Analysis (IA).
Assessment comments
The Office of Impact Analysis (OIA) does not assess the quality of independent reviews, but does assess relevance. The OIA assessed that the options analysed in the certified report are sufficiently relevant to the Government’s proposed activities.
Regulatory burden
DCCEEW notes that there will be no change to regulatory costs associated with the government response to the Review, however regulatory impacts are expected when these reforms are implemented.
The full range of impacts to the Australian community will be measured as part of detailed design of the reforms proposed in the recommendations. Estimates of these impacts will be prepared by DCCEEW and published by the OIA following implementation.