What is an ACCU?
One Australian Carbon Credit Unit (ACCU) represents one tonne of carbon dioxide equivalent net abatement (through either emissions reductions or carbon sequestration) achieved by eligible activities.
What scheme are ACCUs issued under?
ACCUs are issued for eligible greenhouse gas abatement activities undertaken as part of the Australian Government’s Emissions Reduction Fund (ERF).
ACCUs are governed by the CFI Act 2011, the Carbon Credits (Carbon Farming Initiative) Regulations 2011(CFI Regulations 2011) and the Carbon Credits (Carbon Farming Initiative) Rule 2015 (CFI Rule 2015).
The Clean Energy Regulator administers the ERF and issues ACCUs
Is my project an eligible offset project?
There are a number of requirements that must be satisfied before a project can be declared an ‘eligible offsets project’, and there are ongoing requirements in undertaking an eligible offsets project.
The requirements include:
The project proponent must pass a ‘fit and proper person test’.
There must be an approved methodology for the type of project.
The project must deliver abatement that is additional to what would occur in the absence of the project.
The project must meet the applicable additionality requirements.
The project must be undertaken in accordance with the methodology and comply with other scheme eligibility requirements.
The project proponent must report to the Regulator about the conduct of the project and the abatement achieved. Certain reports must be accompanied by a report prepared by a registered greenhouse and energy auditor.
Green Energy Trading’s sister company - National Carbonbank of Australia holds two active recognised projects under the Emmissions Reduction Fund (ERF) that we can include your project and create ACCUs for energy savings at various sites across Australia. ACCUs can then be traded with businesses and individuals looking to off-set their emissions footprint.
To understand if your upgrade will be eligible for this incentive, please contact Grace Gallagher at grace@ncba.net.au or speak to a NCBA Team Member on (02) 9939 5559.