Emissions Reduction Fund (ERF) auction 15 guidelines are now available. These guidelines outline how the Clean Energy Regulator will conduct this auction.
ERF project proponents can
participate in auction 15 to bid for a Commonwealth carbon abatement contract. These contracts provide an option, but not an obligation, to sell Australian carbon credit units to the Commonwealth at a set price. This provides price security with the potential to secure higher prices from private buyers.
Safeguard Mechanism (Crediting) Amendment Bill 2022 was introduced to Parliament on 30 November 2022. The Bill allows rules to be made to reset the interactions between the Safeguard Mechanism and creation of ACCUs. The Government has published a draft of such legislative rules titled
Carbon Credits (Carbon Farming Initiative) Amendment (No.2) Rules 2023. When enacted and in force, the Bill and the rules would prevent new government contracts for purchase of ACCUs from projects that credit abatement of covered emissions from Safeguard facilities.
The latest Code of Common Terms has been published to align with the Bill and the draft rules in the event it becomes law and legislative rules are made.
We strongly recommend auction applicants with an emissions avoidance project understand the legislative changes proposed and included in the
auction 15 guidelines and latest
Code of Common Terms.
Note that the updated Code of Common Terms will only apply to contracts entered into at auction 15. Contracts entered into before auction 15 including contract novations will not be affected by the updated Code of Common Terms.
If you meet the requirements to participate in auction 15, you must register your ERF project by the project registration application deadline. This will allow time for us to assess your application before the auction.
We encourage you to submit your application early to ensure that any questions are answered, or any additional information required can be addressed well before the auction.
auction 15 key dates and more information.
contact us if you require assistance.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.