Having a hard cap on the amount of ACCUs that a company can use under the Safeguard Mechanism would be impractical and would prevent businesses from making the decarbonisation changes they will have to make, Carbon Market Institute chair and energy market expert, Dr Kerry Schott told the National Press Club today.
New data from the Clean Energy Regulator shows a record 17.7 million ACCUs were issued in 2022 with unit numbers forecast to rise again in 2023, while cancellation of ACCUs by private companies increased by 56% compared to the previous year.
Federal Minister for Resources Madeleine King has urged industry to invest in carbon capture and storage technologies and dismissed the idea of banning new gas projects in a speech to the oil and gas industry in Perth.
The threshold for inclusion in the Safeguard Mechanism should be reduced from 100,000 tonnes of carbon to just 25,000 tonnes according to the Productivity Commission.
A new report from IP Australia shows patents for hydrogen-related technologies began to surge globally from 2015 onwards with China dominating the sector filing a total of 17,264 hydrogen patents, while Australia ranks 16th with 193.