The latest round of Emissions Reduction Fund (ERF) auctions has opened today, as the Clean Energy Regulator (CER) continues to support new projects and reduce emissions while the carbon market gears up towards the start of the new Climate Solutions Fund (CSF).
The ERF has been highly successful with 192 million tonnes of abatement contracted with the CER, and more than 780 projects. Projects are delivering abatement and other benefits such as improving soil health and the productivity of farm lands.
The Government has announced a major expansion of the ERF, with $2 billion committed to the new CSF.
The CSF builds on the strong foundation of crediting and purchasing abatement that was established by the Emissions Reduction Fund, and is key to delivering the 328 million tonnes of abatement needed to meet our Paris target.
Announced as part of the Government’s $3.5 billion Climate Solutions Package, the CSF will reduce emissions across the economy and give farmers, small businesses and indigenous communities the chance to improve the local environment and benefit from new revenue streams.
The CSF will continue to invest in practical climate solutions, and low cost emissions reduction. The CSF gives Australians the incentive to adopt new practices and technologies to reduce greenhouse gases, and at the same time being rewarded for their efforts to deliver real abatement.
The CER will continue to work closely with participants and industry to explore new and innovative ways to reduce emissions and secure abatement under the CSF.
Our national target is achievable, balanced and responsible, and is part of coordinated global action to deliver a healthy environment for future generations without wrecking our economy.
The ninth Emissions Reduction Fund auction will be held from 24 to 25 July 2019.