Australia's Emissions Reduction Fund (ERF) has passed a major milestone with the issue of the 100 millionth Australian Carbon Credit Unit (ACCU).
Minister for Energy and Emissions Reduction Angus Taylor said the 100 millionth ACCU has been issued for the Wilinggin Fire Project, which manages savanna burning in Western Australia's Kimberley region and is managed by the Ngarinyin people.
"The Wilinggin Fire Project is supported and led by the local Indigenous community, and one which returns substantial environmental and economic benefits," Minister Taylor said.
"These ACCUs have also generated an additional revenue stream for the traditional owners, helping to fund education and other community benefits.
"The latest milestone shows the ERF goes from strength to strength. Last week I announced the 1000th project registered under the scheme."
Savanna fire management projects apply strategic early dry season burning with the aim of reducing the frequency and extent of late dry season fires. This results in fewer greenhouse gas emissions. More than 9 million ACCUs have been issued for savanna fire projects so far.
ACCUs from savanna fire projects command a premium in the private market. Australia led the world in developing this method, which has been shared with other countries in Africa, where local communities can combine modern fire management techniques with traditional practices.
Minister Taylor said contracts under the ERF will deliver over $2 billion to rural and regional communities, with over $630 million already delivered.
"The ERF is doing great work accelerating new projects to reduce emissions and deliver benefits across the Australian economy," he said.
"The ERF is part of our technology not taxes approach to reducing emissions. We are continuing to support farmers, businesses and communities to adopt new technologies that reduce emissions and boost their economic opportunities".
The ERF has successfully contracted over 200 million tonnes of emissions reductions through government auctions, including 6.8 million tonnes contracted in 2021. The average price across all auctions is $12.32 per tonne.
Visit the Clean Energy Regulator's website for information on the ERF, registered projects or watch a series of ERF video case studies that showcase different types of projects and their benefits.
