1. Scheme Independence
The Australian carbon market has faced backlash regarding the integrity of the Australian Carbon Credit Unit (ACCU) Scheme. Concerns have been raised over the robustness of key methodologies such as Human Induced Regeneration (HIR), particularly in relation to additionality and permanence. Carbon credits have also been used as financial instruments at an increasing rate, contributing to speculative trading activity.
At the same time, there has been much activity on creating a nature-based market, modelled largely on the carbon market. This faces the potential to replicate the multiple concerns of the carbon market.
In response, Greenfleet has collaborated with the Australian National University (ANU) to develop a new Nature and Carbon Scheme. This initiative aims to integrate biodiversity outcomes into carbon projects, promoting high-integrity approaches that support the restoration of native ecosystems, the enforcement of permanence, removal of carbon and avoid speculative trading.
The Nature and Carbon Scheme (NCS) is an independent scheme establishing an accreditation framework for ecological restoration and carbon removal from the atmosphere on cleared land via planting and direct seeding. It is not legislated under Australian law or administered by any government entity. Scheme administration and project registration will be undertaken by an independent body. Scheme accredited projects are issued Nature and Carbon Scheme Tonnes (NCSTs), which recognise nature restoration and carbon removal simultaneously in a single unit.
(see Section 2, page 5 of Scheme rules)
