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The Climate Council recommends the following:
- All changes made to the offsets integrity standards by the CFI Amendment Act 2014 should be reverted.
- To ensure integrity, the Emissions Reduction Assurance Committee’s scope should be limited to matters concerning the offsets integrity standards or matters directly incidental to ensuring those standards are met. Review or consultation for other purposes should be conducted by the Department. These functions should never be merged.
- Statements of activity intent should be required for all ERF methodologies.
- The ERF should contain a mechanism for managing climate risk to projects that accurately reflects the increasing risk to projects over the next century.
- Section 91 of the CFI Act should be reformed to lower the threshold for intervention by the Regulator after a reversal.
- The Federal Government must offer clarity on the future of the Emissions Reduction Fund, as well as timelines for the delivery of the $2 billion promised in the leadup to the 2019 Federal election.
- If the Climate Solutions Fund is to become a discretionary fund to entice state and territory participation in Energy Memoranda of Understanding, lawful authority for this must be found.
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