But the designer of the fund’s carbon credit rules,ANU Professor Andrew Macintosh,on Friday published new analysis that he said reveals “grave concerns about the integrity of the scheme”.
The safeguard mechanism requires big polluters to cut their emissions – such as by switching from gas boilers to electric heat pumps – or buy carbon offsets under the Emissions Reduction Fund,which includes payments to landholders who prevent trees from being cut down,known as avoided deforestation.
Macintosh served as the inaugural chairman of the ERF assurance committee for six years. His analysis found landholders have been awarded credits for protecting trees that,based on historical rates of land clearing,were very unlikely to have been cut down.
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Climate Change and Energy Minister Chris Bowen committed before the May election to a thorough review of the Emissions Reduction Fund and earlier this month he appointed former Commonwealth Chief Scientist Ian Chubb to conduct a six-month inquiry.
Macintosh estimated the “vast majority” of the 30 million credits for what’s known as human-induced regeneration,which currently sell for $35 a tonne,had not captured any extra carbon than without the credits.
“Proponents seem to have gotten away with claiming credits while forest regeneration has not been occurring,” Macintosh told The AgeandTheSydney Morning Herald.