Australian authorities have announced that technologies such as carbon capture and storage, and soil carbon sequestration, will not be able to generate carbon credits until they have been approved under new regulations. The regulations will introduce methodologies for calculating carbon abatement from such technologies, and they will undergo verification to ensure that they meet international standards. Only credits issued after the introduction of the regulations will be eligible for sale, and therefore, only projects approved by 2022. Projects may be approved sooner if they have already received provisional accreditation or are in advanced stages of development. While the announcement will create regulatory uncertainty for businesses engaged in developing and financing these technologies, it provides a clear roadmap for investment going forward. The Minister for Energy and Emissions Reduction, Anglican Taylor, said that the government hopes the financial incentives will encourage businesses to adopt low-emission technologies while creating jobs in Australia. The rules are part of Australia’s commitment to meet its Paris Agreement target of reducing emissions by 26% to 28% below 2005 levels by 2030. The country is yet to make a net-zero emissions pledge. As previously reported, Australia is committed to increasing the number of carbon credits available for use by businesses and was working to make them available to people as well. It plans to use surplus carbon credits generated under the Kyoto Protocol in order to meet its Paris targets. Under the protocol, Australia was given a target of reducing emissions by 108% below 1990 levels, though it is currently around 16% above that benchmark.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...