Tag: Renew Economy

Climate concerns: Korea bank delays decision on massive Barossa gas project | RenewEconomy

by Bobby Chaim ( Carbon)

Most of the Barossa project’s carbon dioxide emissions will be from combustion, which cannot be captured. There is escalating pressure from stakeholders, regulators and civil societies on oil and gas companies to take their liability for Scope 3 emissions into account. Santos has a target of reducing Scope 3 emissions by 1.5 million tonnes per […]

Taylor calls on carbon market players to defend offsets scheme labelled a “fraud” – Renew Economy

by Bobby Chaim ( Carbon)

This week, three of the largest beneficiaries of the Emissions Reduction Fund issued a seemingly coordinated defence of the scheme. “Today, the Australian Conservation Foundation reaffirms its concerns about significant flaws in Australia’s carbon offsets scheme and calls for an independent review of the scheme. “We’ve set out our plan and our policies, and the Emissions […]

Clean Energy Regulator defends carbon offset scheme as Labor flags review | RenewEconomy

by Bobby Chaim ( Carbon)

Bowen has previously announced that Labor would seek to strengthen the existing Safeguard Mechanism, which has the potential to cap emissions from major industrial emitters. The scheme allows emitters to use ACCUs to offset their emissions and ensure they are able to remain under their respective caps. The human induced regeneration scheme and the landfill […]

Regulator predicts surging demand for carbon credits as prices stabilise after crash | RenewEconomy

by Bobby Chaim ( Carbon)

The voluntary market for Australian carbon credits has grown steadily over the last few years, with around 475,000 units voluntarily cancelled in 2019. Since then, the market has doubled in size, with more than 950,000 units voluntarily cancelled in 2021. The Regulator also confirmed it would continue to run auctions for the purchase of ACCUs, […]

Carbon markets could protect forests, but only if those who live there are protected too

by Bobby Chaim ( Carbon)

Carbon markets are trading systems through which countries, businesses, individuals or other entities buy or sell units of greenhouse gas emissions. But often, the rights of these communities have not been secured, putting their well-being at risk — and threatening the future of carbon markets. Meanwhile, the voluntary carbon market, which enables companies and people […]

Regulator steps in to ensure carbon traders share windfalls, but price plunges again …

by Bobby Chaim ( Carbon)

Santos has indicated that the financial model for the Moomba CCS project was predicated on a $70 per tonne carbon price. While ACCU prices had yet to hit that threshold, they were much closer to that mark before the Regulator’s recent change in position regarding ACCU contracts. As RenewEconomy has covered, selling these ACCUs into […]

Taylor walks away from Emissions Reduction Fund, carbon prices to plunge | RenewEconomy

by Bobby Chaim ( Carbon)

According to the terms of the carbon abatement contracts, the maximum extent of the damages payable is fixed at the agreed offset price under the contract. “Initially, delivery milestones falling due from 4 March to 30 June 2022 will be offered an administrative option not to deliver those ACCUs to the agency on payment of an […]

Setting the record straight on carbon offsets | RenewEconomy

by Bobby Chaim ( Carbon)

Despite the absence of a global, regulated market to date, Australia has already made significant headway with creating its own carbon market. These actions are not a panacea, because there will always be a long-term need to decarbonise through technology. According to these standards, carbon offsetting can only be implemented by organisations to offset residual […]

“Unsupported by evidence:” CMI slams carbon farming veto powers for minister | RenewEconomy

by Bobby Chaim ( Carbon)

“Unsupported by any firm evidence, this is an extraordinary double whammy proposal from a Liberal National government. It is a direct intervention into landholder decision making and imposes excessive red tape,” Connor said. The rule changes may be made through a legislative instrument issued by the minister for industry, energy and emissions reduction, Angus Taylor. […]

The media needs to get better at interrogating hydrogen | RenewEconomy

by Bobby Chaim ( Carbon)

If you produce it using a clean, zero emissions source, like electricity from wind or solar, you’ve mostly eradicated that specific problem. As I wrote in a thread last week, the infamous Victorian ‘Hydrogen Energy Supply Chain’ project serves as an incredible package of the worst, most alarming efforts to preserve the lifespan of fossil […]