The Federal Department of Climate Change, Energy, the Environment and Water is implementing a new way for developing Australian Carbon Credit Unit (ACCU) Scheme methods as recommended by the Independent Review of ACCUs.
The Emissions Reductions Assurance Committee (ERAC) will be responsible for assessing expression of interests for new methods against their potential to meet the legislated Offsets Integrity Standards (OIS), and specified
triaging criteria. The Minister will prioritise methods for development based on this assessment. The ERAC is responsible for assessing draft methods against the OIS.
The new proponent-led method development process has 5 main steps:
- Submitting your new method idea
- Submitting an expression of interest (EOI) for a new method or method variation
- Developing the method proposal or method variation proposal
- Public consultation on the draft method or draft method variation
- Finalising the method.
The ERAC is currently accepting EOIs by 12 July 2024.
The ERAC will announce the date of future submission rounds once they are scheduled.
