“The scheme provides a mechanism by which corporate entities, associations and individuals can, on a voluntary basis, purchase the right to claim that specified greenhouse gas emissions associated with their activities, have been abated or neutralised, and hence, that their activities are carbon neutral,” said one of the lead partners on the deal, Fiona Melville.

Melville and partner Graeme Dennis developed the scheme rules, which dealt with governance, compliance, verification, “product-related matters” and offset activities.

The rules are aimed at achieving “overarching principles of credibility, transparency, affordability, flexibility and effectiveness”, Melville said.

Her team also advised Origin on its contracts and sale agreements with foundation partners of the scheme - National Australia Bank, Lend Lease and Intrepid Travel Pty Ltd.

Other companies supporting the carbon reduction scheme include Transurban, Insurance Australia Group, Australian Football League and STA Travel.

“Our partners have committed to significantly reducing their carbon impact. I commend them for their action and commitment and we encourage other companies to consider how they can similarly reduce their carbon impact,” said Origin’s managing director Grant King in a statement.

He said it would allow companies to verify their carbon offset products and credits, the offset of emissions from electricity, natural gas and LPG consumption, fleet emissions and air travel.

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It would also allow businesses to “monetise” their carbon reductions, and create new products and services so their customers can offset their own carbon emissions.