Emissions Reduction Fund signs up 50m tonnes of carbon abatement
May 21, 2018
The Clean Energy Regulator has released new data showing it has issued 50,221,054 Australian carbon credit units (ACCUs) under the Emissions Reduction Fund since 2011, representing more than 50 million tonnes of carbon abatement.
30.5 million of these ACCUs have so far been delivered under contract.
The $2.55 billion Emissions Reduction Fund was established in 2014 by the Abbott government to replace the carbon tax. $265 million remains unspent.
ACCUs are earned for emissions reductions through a number of specified activities, with each ACCU accounting for one tonne of carbon dioxide equivalent (tCO2-e) stored or avoided by a project.
Eligible projects under the Emissions Reduction Fund, formerly the Carbon Farming Initiative, include savanna burning, vegetation growth and the burning of methane produced by waste as it breaks down in landfill. ACCUs can then be sold either to the government through a carbon abatement contract or into the emerging private market.
To date, the majority of Emissions Reduction Fund projects are vegetation (359) or landfill-waste (105) projects. New South Wales has more projects than any other state, with 264 registered projects. A state-by-state breakdown of projects is available on the Clean Energy Regulator Emissions Reduction Fund interactive map.
A further 403 contracts are projected to deliver 191 million tonnes of abatement over the next 10 years. The seventh Emissions Reduction Fund auction will be held from 6–7 June 2018.