A federal biodiversity markets scheme is urgently needed, but it shouldn't be a source of offsets in the initial stages, according to environmental markets expert, Professor Andrew Macintosh.
Allowing Safeguard facilities to use international units is off the table for now, but might be considered in the future, according to the government's Safeguard Taskforce.
The federal climate, environment and water department today sought comments on the Albanese government's proposed national market for biodiversity restoration and protection.
Prime Minister Anthony Albanese today committed his government to establishing a new biodiversity certificates scheme, to be managed by the Clean Energy Regulator.
Inpex, TotalEnergies and Woodside will spend $165 million investigating a carbon storage site offshore from the Northern Territory, while Chevron and Santos will jointly assess CCS opportunities elsewhere.
The Safeguard discussion paper shows Minister Bowen is considering action to prevent an over-supply of either Australian carbon credits, or the new Safeguard credits.
Carbon and energy analyst RepuTex has warned that setting Safeguard limits based on average industry emissions intensities would undermine the integrity of the system.