Albanese Government Cancels Kyoto Protocol Units to Reach Emissions Reduction Targets

Albanese Government Scraps Kyoto Protocol Units in Pursuit of Emissions Reduction Targets

September 16, 2023 TruthUSA

The Albanese government has cancelled Commonwealth-held Kyoto Protocol units as part of a commitment to not use the credits to reach global carbon emissions reduction targets.

The federal government cancelled the more than 700 million credits, equivalent to more than a year’s worth of national emissions, according to the Department of Climate Change, Energy, the Environment and Water (DCCEEW).

The Kyoto Protocol’s carry-over credits were given to countries when they surpassed their prescribed emissions reduction target. They could be collected and used to meet its emissions reduction targets, such as enabling Australia to meet its Paris Agreement objectives.

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Currently, Australia is aiming for a 43 percent emissions reduction by 2030 and net zero by 2050.

According to the DCCEEW department, the availability of the Kyoto protocol units, which Australia accumulated over a decade ago, could be used in “dodgy accounting tricks” in future years.

The department noted that the previous Morrison government could not let go of the credits due to its limited initiatives to reduce emissions.

“The Albanese Government has delivered on its election commitment to legislate our ambitious but achievable climate targets—and we’re now back at the decision-making table for the global economy, attracting critical investments in cleaner, cheaper energy, and protecting industry for the future,” Climate Change and Energy Minister Chris Bowen said on Sept. 15.

“After a decade of chaos, denial and delay, the LNP still can’t decide if they believe in climate change or if they’re committed to net zero—so we’re closing the loophole for dodgy accounting tricks they’ve tried to use in the past.”

Climate Change and Energy Assistant Minister Jenny McAllister said that the federal government’s policies such as the Safeguard Mechanism, Rewiring the Nation, and the Capacity Investment Scheme will help Australia achieve its climate ambitions.

“We are cleaning up after a decade of neglect and denial, while rapidly decarbonising our economy to become a renewable energy superpower,” Ms. McAllister said.

Accelerating Carbon Emissions Reduction

International review processes under the Kyoto Protocol scheduled for early 2024 would officially confirm Australia’s compliance with its Kyoto Protocol CP2 target of reducing emissions to 5 percent below 2000 levels.

The DCCEEW published the Australian Carbon Credit Unit (ACCU) Method Development Interim Framework, which incorporated recommendations in the ACCU independent review including the replacement of the Emissions Reduction Assurance Committee with the Carbon Abatement Integrity Committee. It has an updated terms of reference and the establishment of a proponent-led method development process to give stakeholders the flexibility to develop or adapt new approaches to carbon abatement.

The Carbon Market Institute (CMI) welcomed the decision of the federal government to cancel the Kyoto protocol credits and the introduction of the ACCU method development interim framework.

“The task is now to accelerate climate investments so Australia can help achieve the Paris climate targets,” CMI CEO John Connor said, noting that the cancellation of the credits was “an important move that completes the switch to the Paris Agreement era for Australian policy and commitments.”

“The challenge now is to sustain this momentum as the government continues to roll out the recommendations of the ACCU Review, and equally importantly, build out the government’s strategy for using carbon markets across the six sectors of its net zero plan, which will help to consolidate the role of the crediting framework in the broader transition.”

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