Overview
In this topic, you will learn about the Australian Carbon Credit Unit (ACCU) Scheme (previously known as the Emissions Reduction Fund). You will learn how farmers and land managers can run an ACCU Scheme project and earn ACCUs.
The topic broadly looks at requirements for ACCU Scheme projects. The requirements include following a legislated method. Before deciding whether to run an ACCU Scheme project, you must understand the scheme’s requirements.
The topic examines how to set up an ACCU Scheme project. This includes deciding the project proponent, determining your legal right to run the project and getting the consent of eligible interest holders, which might include First Nations people and their organisations.
The topic explains providing evidence of GHG emissions reduced or avoided or carbon stored and earning ACCUs. It looks at selling the ACCUs a project earns. It explains ‘offsetting’: a process where organisations or individuals buy and then cancel ACCUs to reduce their net emissions. It briefly explains how the market works.
Learning outcomes
After completing this topic, you will be able to:
- describe the ACCU Scheme and ACCUs
- outline the methods applicable to ACCU Scheme projects
- explain the scheme’s eligibility requirements and the process of establishing an ACCU Scheme project
- recognise the obligations and risks involved in establishing and running a project
- identify First Nations ACCU Scheme projects and activities
- explain why and how ACCUs are bought and sold
- recognise how ACCUs with verified, in-demand co-benefits can attract higher prices in the market.
This topic and other topics provide links to a range of sources of useful information about the ACCU Scheme. Some aspects of the ACCU Scheme, such as available methods, are subject to change over time. Before making any decisions about conducting an ACCU Scheme project, you should check the Clean Energy Regulator website for up-to-date information about the scheme.
Watch this video
In this video (2:12 minutes), presenters Gail Reynolds-Adamson and Matt Woods introduce Topic 5 and provide important context.
MATT WOODS: If you're watching this video, chances are you're seriously considering participating in an ACCU scheme. You may also have identified trusted advisers in your area to discuss this with further.
Alternatively, you may still be undecided and needing information before making your decision.
This is a good call. It's important not to rush into these things. Either way, you've come to the right place.
GAIL REYNOLDS-ADAMSON: In this topic, we'll investigate the ins and outs of the ACCU scheme in more detail, including farming and or landholders' obligations and the process of applying, establishing a contract, reporting, auditing, and how payments work. We'll run through the various activities that the ACCU scheme supports and discuss the pros and cons of these activities and other factors you must consider before deciding to participate.
WOODS: We'll provide detailed information from the Clean Energy Regulator, the government body that oversees the ACCU scheme. In addition, we're going to introduce you to some farmers and landholders who are participating to learn more about how it works in practice and give us some tips and tricks to avoid traps and pitfalls.
REYNOLDS-ADAMSON: There are also some specific benefits for First Nations people participating in the scheme, and it's important for all farmers and landholders to be aware of the specific legal and cultural requirements of these.
WOODS: When you complete this topic, including the focus questions, you'll have come to the end of the Carbon Farming Outreach Program training package. As you know, there are plenty of additional resources to delve into to extend your learning.
REYNOLDS-ADAMSON: And remember, this package is only a guide, and you need to seek trusted, independent advice before making any final decisions. Good luck.