Carbon Offsets Program status update

Phase One of the Carbon Offsets project has been completed.

Phase One confirmed:

• Over the longer term, the potential future supply of ACCUs in Victoria can meet the needs of the sector but it requires active effort to facilitate and realise the sector’s desired outcomes.
• The expected price point for ACCUs using different approaches including purchase on the spot market, through long term offtake agreements and direct investment varies significantly, with the lowest potential costs being via direct investment.
• There is a clear benefit for adopting a collective approach to meeting the sector’s ACCU needs.

The results of this phase of the project were presented to Managing Directors on Wednesday 29 June 2022, with the view of seeking a decision as to whether the project would proceed to Phase Two A.

Phase Two A aims to confirm the benefits of a collective approach, the governance needs of the delivery model and that the water corporations’ collective needs can be met at the portfolio and project level.

At their meeting, the Managing Director endorsed proceeding to Phase Two A.