A tonne of carbon removed from the atmosphere costs up to three times more under Victoria’s gas removal program than in similar schemes across Australia – and it’s passed onto consumers in their power bills.
Victorians are paying up to three times more for a tonne of carbon removed from the atmosphere under the state’s key gas removal program when compared with other green schemes across the nation.Getty Images
Under a federal green scheme that also measures carbon by the tonne, Australian Carbon Credit Units are valued at $36.05. The changes will remove a strict time limit on when the certificates can be validated, a move designed to free up more credits and lower the price. They will also extend the scheme’s end date by 15 years to 2045.
A spokesperson for the Australian Energy Council – the peak body for electricity retailers – said the review was an important opportunity to address concerns with the current design and ensure Victorians were getting “bang for their buck”.“Energy consumers are paying for increasing VEU costs, which have steadily grown since 2020 when they were $30, to more than $100 now,” they said.
Victoria will set interim VEEC targets for retailers in 2026 and 2027 while the two-year review is under way. That would represent a 30 per cent increase over just 12 months, and a rise from $88 million a decade ago, according to the group’s analysis, which was provided to. The government is also considering mandating the replacement of gas appliances at the end of their life with electric appliances. In August, Premier Jacinta Allan ruled out including cooktops.
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