Government orders review of “potentially dubious international carbon credits”

The Federal Government has tasked independent advisory body the Climate Change Authority with reviewing imports of potentially dubious international carbon credits, reports the AFR.

The review comes as corporate demand for offsets surges, with investors, employees and customers alike demanding big corporates do more in the fight against climate change.

This marks the first time the government has asked the Climate Change Authority to look at international offsets, which are currently much cheaper for organisations to buy than local carbon credits. 

“While the benchmark Australian carbon price is trading above $54 a tonne, following an extraordinary 210 per cent surge last year, international credits are being bought by Australian companies for about $10 a tonne,” reports AFR.

“That has raised concerns that corporate buyers – under pressure from activist shareholders, investors and customers – are being encouraged to purchase low-credibility foreign offsets.”

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