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Over 80 million tonnes of emissions has now been reduced under the Emissions Reduction Fund (ERF) following a record year for the issuance of Australian carbon credit units (ACCUs). In the 2019-20 financial year, over 15 million ACCUs were issued by the Clean Energy Regulator on behalf of the Australian Government to ERF project proponents all over Australia.
There are now more than
800 ERF projects operating
Landholders, communities and businesses can get involved in the ERF through projects that reduce or remove greenhouse gas emissions from the atmosphere. One carbon credit or ACCU is issued for every tonne of emissions stored or avoided.
These carbon units can then be sold to the Australian Government, or to businesses and other private purchasers. ERF projects can lead to an increase in revenue and jobs for Australian businesses, while at the same time reducing emissions.
A record number of ACCUs were also delivered under contract to the Government in the last financial year.
A total of 13.4 million carbon credits were delivered to the Clean Energy Regulator in the last 12 months with more than $165 million in funds flowing to carbon projects in return. Overall, the Government’s $2.55 billion ERF has contracted over 190 million tonnes of abatement with over $2 billion expected to flow to regional and rural areas.
Climate Solutions Fund builds on the success of the ERF with a $2 billion boost in funding incentives including for projects that help meet and beat Australia’s 2030 emissions reduction targets.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.