30 will not be able to continue their projects when the method expires, the regulator added. However, projects whose crediting period starts after Sept.
The usual crediting period for HIR projects is 25 years. The HIR projects already registered will continue to be issued ACCUs till their crediting period ends. "While all best endeavors will be taken by the Clean Energy Regulator to assess applications and register projects prior to the expiry date, participants should be aware that submitting applications fewer than 90 days before the expiry increases the risk that the project may not be able to be registered prior to the expiry date," the regulator said in a statement. Generic ACCUs are generated from avoidance-based methods, such as landfill gas, and are usually sold at a discount to HIR ACCUs. Platts, part of S&P Global Commodity Insights, assessed the price of Generic ACCUs at A$34.50/mtCO2e ($22.49/mtCO2e) June 1 and HIR ACCUs at A$35/mtCO2e. The fall in FY 2022-23 was mainly due to new measures being implemented by CER to better uphold the integrity of the HIR projects.Īs a result, the issuance of HIR ACCUs flatlined since early January. However, HIR projects have generated the highest volume of ACCUs since at least FY 2019-20, with nearly 6.4 million HIR ACCUs issued in FY 2021-22. The method generated nearly 4 million ACCUs in fiscal 2022-23 (July-June), just a step behind 4.4 million ACCUs generated by landfill gas-based projects.
The method is the only nature-based method that generates a significant volume of Australian carbon credit units, or ACCUs. HIR projects involve storing carbon by regenerating permanent native forests on a property where vegetation has been suppressed by activities such as unmanaged livestock grazing, feral animal activity, and chemical destruction of regrowth. 30, with project developers advised to submit new applications by July 2, the regulator said. There will be no new project registration under the HIR method after Sept. Receive daily email alerts, subscriber notes & personalize your experience.
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