Australia Backs Carbon Credits Criticized as Failing Climate & More Trending News


(Bloomberg) — Australia’s carbon credit score market will proceed with no main overhaul after a government-backed research largely dismissed claims the system fails to ship promised emissions discount.

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A panel led by the nation’s former chief scientist Ian Chubb on Monday proposed adjustments to spice up transparency, governance and knowledge sharing, although concluded the system was “essentially sound” and “fundamentally well-designed” when established in 2011.

Critics, together with a former regulator, have questioned the function of the credit — largely generated by the land sector by means of sequestration tasks — in abating greenhouse gases, and described the system as a fraud and a waste of taxpayer cash.

“It has been argued that the level of abatement has been overstated,” Chubb stated in a report, following the six-month research. “The panel does not share this view.”

To learn extra on carbon markets in Asia, click on right here.

Australia’s authorities pledged to take up all 16 suggestions from the panel, together with plans for better division between regulatory and reporting roles, and the elimination of tasks that depend on flawed strategies to keep away from deforestation.

The Chubb-led evaluate gained’t assist persuade polluters to cut back emissions relatively than depend on credit, in accordance with the Climate Council, a local weather science advocacy group. “Cheap and easy offsets on paper do little to tackle the climate crisis,” stated Jennifer Rayner, the council’s head of advocacy.

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Australia Backs Carbon Credits Criticized as Failing Climate

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Australia Backs Carbon Credits Criticized as Failing Climate

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Australia Backs Carbon Credits Criticized as Failing Climate

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