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The Chubb Review and Safeguard Mechanism

The Australian carbon market has rung in 2023 with the release of two anticipated updates: the independent review of the ACCU program and the government's proposal for new settings for their Safeguard Mechanism.

While some details are still emerging, it is expected that these updates are a net positive for the future of Australian voluntary and compliance policies. You can read more below.

The Chubb Review: change coming, but fundamentals deemed sound

The review disagreed with recent challenges to the integrity of Australian Carbon Credit Units (ACCUS), but outlined 16 recommendations to increase transparency and credibility. Our commentary considers:

  • Proposed governance reform

  • Future supply of ACCUs and over-crediting

  • Future demand of ACCUs

Commentary on Chubb Review (January 2023)
Download PDF • 285KB

The Safeguard Mechanism: increased ambition with an eye to international competition and compliance

The reworked policy looks to improve upon what has historically been an ineffective tool for pursuing emissions reductions, while still providing concessions to industry.

Our commentary considers:

  • New baselines

  • Emissions trading with cost containment

  • Emissions-intensive, trade-exposed industries

Commentary on the Safeguard Mechanism (January 2022)
Download PDF • 233KB

Want to discuss our views? Reach us at


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