AGL recognises the important role that the ACCU Scheme has in achieving Australia’s legislated emissions reduction targets of 43 per cent below 2005 levels by 2030, and net zero by 2050. Australian carbon credit units (ACCUs) and other high-integrity offsets, together with other units that represent abatement or emissions reductions efforts, will remain an integral part of reaching net-zero commitments.

The Independent Review of Australian Carbon Credit Units (Chubb Review) found the ACCU scheme to be sound however it made 16 recommendations to update governance, transparency and integrity arrangements. These recommendations were accepted in principle by the Australian Government and subsequently, an Implementation Plan for the ACCU Review was released outlining the timing and approach to implementing each recommendation.

AGL broadly supports the Implementation Plan and looks forward to seeing a more transparent scheme in the future to help support Australia’s decarbonisation objectives.

Read the full submission here.