The Emissions Reduction Fund (ERF) has reached an important milestone with 1,000 projects registered and delivering carbon abatement across Australia.
The registration of AgriProve’s Street Carbon Project saw the scheme hit this key milestone. This soil carbon project will run on a sheep and cropping farm at Gollan, New South Wales.
Introducing new cultivation and grazing techniques will result in carbon being sequestered in soil, helping to achieve Australia’s emissions reduction goals.
Clean Energy Regulator Chair David Parker said the ERF keeps performing above expectations.
“Reaching one thousand participating projects is a major achievement for the Emissions Reduction Fund, which is the main driver of Australia’s carbon market.
“Our carbon trading market is growing in both size and maturity. There is a strong supply of Australian carbon credit units coming online to meet existing Commonwealth contracts and growing private demand from companies looking to offset their emissions. The market is going from strength to strength.”
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 Australian Government through a carbon abatement contract, or to private buyers in the private market.
As well as abating carbon, ERF soil projects can increase productivity and drought tolerance as well as giving land holders a new revenue stream with the ACCUs.
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