Joint media release: Senate to endorse practical action on climate

(INFM) method. The INFM method gives state governments the option to support carbon sequestration alongside existing timber production and recreational uses, creating new opportunities for regional communities while delivering emissions reduction and environmental and biodiversity benefits. This is practical climate action that supports regional communities and should be allowed to pass through the Senate.

The Albanese Government has made sensible adjustments to the implementation of the method. The measures agreed by the Albanese Government will enable the Clean Energy Regulator to give effect to the New South Wales Government's commitment to restrict the sale of Australian Carbon Credit Units (ACCUs) generated within the Great National Koala Park to a specified class of entities.

This will apply only to projects under the INFM method and only where a state government chooses to opt into those requirements. In addition, the Assistant Minister has written to the Emissions Reduction Assurance Committee (ERAC) seeking advice on variations to the INFM method, including: increasing the amount of forest that must be protected against established harvesting baselines before projects can receive any carbon credits, rising to 30 per cent for projects registered from 1 July 2030; and clarifying the definitions of plantation forest and native forest within the method.

The ACCU Scheme is an important part of Australia's pathway to net zero emissions, helping drive emissions reductions while creating opportunities for landholders, First Nations peoples, regional communities and businesses. These are sensible, practical steps that further strengthen the method and build upon Australia's high-integrity carbon market. The Government awaits the Senate vote and getting on with delivering practical action on climate change and supporting our regions.

We acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture. We pay our respects to their Elders past, present and emerging.