There has been a surge in demand for carbon credits this month after an independent review backed theWith the Albanese government also proposing changes to make big polluters more accountable under the, companies have been scrambling to buy Australian carbon credit units that can be used as offsets for those that cannot reduce their emissions.
Carbon Markets Institute chief executive John Connor said the price of carbon credits would follow a rising trend, with the market still in its infancy.But he said there was now greater confidence in the market framework to trade carbon units. This week, a report by CBA Sustainable Economics said the changes to the safeguard mechanism and the Chubb Review on ACCUs would deliver a “paradigm shift” for Australia’s carbon market. But it warned that there could be a 95 million tonne shortfall in ACCUs from 2023-24 to 2029-30.
It also said prices were likely to rise, despite a surplus of available ACCUs eligible to exit the Emissions Reduction Fund – a decision made last year by the then Morrison government.
Carbon credits are a scam that simply transfers money from the poor to the rich. It’s why Turnbull and Simon HAC are in favour of them.