Emissions Reduction Fund (ERF) now has 1,000 projects delivering carbon abatement benefits across Australia. The registration of the Street Carbon Project saw the scheme hit this key milestone. This soil carbon project is set to run on a sheep and cropping farm at Gollan, New South Wales.
The project has been registered by AgriProve Solutions who will work with the landholders to implement new practices on the property. The project involves rotating paddocks between grazing, cropping, sowing multi-species perennial pastures and stubble retention. These practices increase soil carbon levels and improve water retention, making the property more resilient to the effects of drought.
The ERF is a voluntary scheme that supports individuals and organisations to invest in new practices and technologies in the form of projects to reduce greenhouse gas emissions across all sectors of the Australian economy. Projects earn Australian carbon credit units (ACCUs) that can be sold to generate income, either to the Government through a carbon abatement contract, or to private buyers in the private market.
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.
Over 98 million Australian carbon credit units have been issued under the ERF. Of these, over 70 million have been delivered under Commonwealth carbon abatement contracts.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.