Australia Permanently Cancels Millions of Controversial Kyoto Credits, Closing Climate Commitment Loophole
In a significant move to address its international climate commitments, Australia has announced the permanent cancellation of millions of controversial carbon credits. This decision effectively closes a loophole that could have been utilized to meet the nation’s climate goals under the Paris Agreement.
The cancellation encompasses more than 700 million Kyoto credits, equivalent to approximately 150% of Australia’s estimated emissions from the previous year. By canceling these credits, Australia ensures that they cannot be used towards its Paris Agreement targets. Additionally, the country intends to officially validate its compliance with the Kyoto Protocol target in early 2023, following an international review.
Prime Minister Anthony Albanese’s government, which assumed power in May 2021 with a focus on addressing climate issues, has established a legally binding target to reduce emissions by 43% from 2005 levels by 2030. The practice of carrying over credits from previous climate goals to aid in current targets has long been a subject of controversy in carbon accounting. Of particular concern was the Australia clause within the Kyoto Protocol, which allowed Australia to manipulate its baseline emissions, thereby misleadingly inflating its progress.
The Kyoto credits, negotiated during the 1997 Kyoto Climate Change Conference, permitted Australia to increase its emissions by 8% between 1990 and 2012, accounting for emissions from land clearing. Critics argue that these credits fail to adequately represent the necessary emissions reductions for Australia to meet the Paris goal of limiting global warming to 1.5 degrees Celsius.
Energy Minister Chris Bowen stated, The Albanese Government has delivered on its election commitment to legislate our ambitious but achievable climate targets. We’re closing the loophole for dodgy accounting tricks.
Former Prime Minister Scott Morrison had expressed confidence in Australia’s ability to achieve targets without relying on carry-over credits back in 2020 but failed to take action. This recent decision finally removes these controversial credits from the equation.
Australia’s commitment to cancel these Kyoto credits demonstrates a firm step towards rectifying its reputation as a climate laggard. By severing ties with these credits, the nation sends a clear message that it is actively working towards genuine emissions reductions and prioritizing the fight against climate change.
The cancellation of these controversial carbon credits marks a significant shift in Australia’s climate policy. By closing a major loophole, the government paves the way for substantial progress towards its climate goals under the Paris Agreement. This decision is a testament to the Albanese Government’s determination to enact the necessary measures to combat climate change and position Australia as a responsible global citizen in the fight against rising temperatures.
