WeAct is a leading international carbon project developer. We manage a diverse portfolio of Clean Development Mechanism (CDM) projects. Under the Kyoto Protocol, one Certified Emission Reduction (CER) is issued for each tonne of carbon dioxide equivalent that is reduced by a CDM project. Over the past two years, WeAct has sold 14 million CERs to Australian corporate clients.
WeAct has a full project development team based in India. Our project development team originates and manages CDM projects across the developing world.
Based in Australia, WeAct’s trading desk services clients across the global carbon market. As CERs are a regulated financial product in Australia, WeAct operates under an Australian Financial Services Licence (AFSL No. 425488).
WeAct was the main supplier of CERs to the Australian waste sector during the Waste Industry Protocol , which ran from 2015 to 2017.
The repeal of Australia’s Carbon Pricing Mechanism in 2014 resulted in a windfall for the waste sector, as companies had collected revenue for what was expected to be a long term carbon liability. As a solution to the windfall, the Australian Government and the waste sector agreed to the Waste Industry Protocol. Under the Protocol, there was a provision for waste sector companies to purchase CERs and donate them to the Government.
The CERs purchased and donated by the waste sector companies account for some 22 million of the 236 million tonnes required for Australia to meet its 2020 Kyoto Protocol target.
WeAct supplied all three of the waste sector companies that purchased CERs as part of the Waste Industry Protocol. The majority of the CERs were sourced directly from WeAct’s portfolio of CDM projects. Additional CERs were sourced from the international secondary market.
All of the CERs were purchased and donated by the waste companies for less than $1 per tonne, a cost significantly cheaper than the average price of $13 per tonne under the Emissions Reduction Fund.
The Waste Industry Protocol set a precedent for the use of international units in Australia. More recently, the Government’s 2017 Review of Climate Change Policies has discussed allowing access to high quality CERs to provide greater flexibility to companies in meeting their Safeguard Mechanism baselines.