The Morrison Government has made it easier for farmers and industry to develop high-integrity carbon offsets and to take part in the Emissions Reduction Fund (ERF) through finalising new ERF methods.
The new methods will give farmers, businesses and industries the ability to earn revenue through projects which will help Australia achieve its emissions reduction targets.
The new methods cover blue carbon, plantation forestry, abatement from industrial and commercial processes, and biomethane.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said expanding the supply of Australian Carbon Credit Units (ACCUs) gives businesses and customers the option to offset their emissions where it makes sense for them to do so.
“The Emissions Reduction Fund is working. Since 2014, the ERF has committed $2.2 billion to projects across Australia, many in regional and rural areas,” Minister Taylor said.
“The ERF has already delivered more than 100 million tonnes of abatement and these new methods will bring on even more projects and abatement.”
The new methods have been developed by the Clean Energy Regulator, through a co-design process with industry and stakeholders.
The blue carbon method will generate carbon credits from projects in coastal wetland ecosystems that store high amounts of organic carbon. It will support landholders, communities, and businesses to undertake projects along coastlines and earn ACCUs in exchange for the emissions avoided and carbon stored by these projects.
Blue carbon projects can also deliver a number of other benefits for local communities, including improving water quality, strengthening our coastlines and protecting our globally recognised coastal wetlands.
The new Industrial and Commercial Emissions Reduction (ICER) method builds on the industrial electricity and fuel efficiency method. It provides new abatement opportunities, such as upgrading or replacing equipment and fuel switching.
The new plantation forestry method builds on the existing method. It provides more opportunities for carbon funding for forestry projects.
The new biomethane methods build on existing waste methods by including biomethane activities such as capturing and refining biogas from organic waste, animal effluent and wastewater.