The Clean Energy Regulator issues a project proponent ACCUs after the proponent submits an offsets report demonstrating the project has delivered emissions reductions or carbon storage. This report identifies the tonnes of CO2-e avoided or stored over a particular period (called the reporting period). If the Clean Energy Regulator is satisfied that the report verifies abatement achieved, it will issue one ACCU for each tonne of CO2-e avoided or stored.
As explained earlier in this topic, the risk of reversal buffer and permanence obligations apply to projects that store carbon. These will be taken into account in calculating the number of ACCUs issued for projects that store carbon.
The project proponent will usually lodge the first offsets report between 6 months and 5 years after the project starts. Proponents can choose when to lodge offsets reports, subject to minimum and maximum reporting periods. While the report may trigger the issuing of ACCUs, preparing it incurs measurement and administrative costs.
The Clean Energy Regulator requires some offsets reports for each project to be audited to provide assurance the calculation of a project’s emissions reductions or carbon storage is accurate. Auditors are independent, and the Clean Energy Regulator maintains a register of accredited auditors with relevant qualifications. The Clean Energy Regulator’s Project reporting and audits webpage has information about audit requirements, choosing an auditor and the types and frequencies of audits. The Clean Energy Regulator’s website also has its Compliance and Assurance Framework (PDF 289 KB) for the ACCU Scheme. The Clean Energy Regulator will set an audit schedule for each project when registering it. Details will depend on the project and be guided by the proponent’s forward abatement estimate. The Clean Energy Regulator requires at least 3 audits for most projects and can also require unscheduled audits.
The Clean Energy Regulator may take up to 90 days to assess an offsets report and may also ask the proponent to provide more information. The Clean Energy Regulator will issue ACCUs earned by the project into the proponent’s ANREU account.