(10 October 2024 – Australia) Victorians are paying three times more for carbon credits under the state’s primary gas removal program relative to corresponding Australian state based green schemes.
Under the Victorian Energy Upgrades (VEU) program, carbon credits are allocated to enterprises that replace gas and inefficient appliances with higher-quality electric products, allowing customers to buy at a discount.
Under a federal green scheme that also measures carbon by the tonne, Australian Carbon Credit Units (ACCUs) are valued at A$36.05. At A$108.50 for a tonne of carbon removed from the atmosphere each, VEECs are the most expensive credits of their kind in the country. No other scheme is priced at more than A$41 per certificate.
“The VEU program is hugely inefficient. This is a poor tax masquerading as climate policy, and it’s ordinary Victorians who are footing the bill without being told the real costs. The Victorian government is effectively redistributing money from struggling families during a cost-of-living crisis to affluent communities to drive its ideological energy agenda” stated Australian Pipelines and Gas Association CEO, Steve Davies.