The Clean Energy Regulator (CER) has announced the results of their seventh auction.
The CER results indicated that there is now $250 million in the Emissions Reduction Fund (ERF) to purchase further abatement to help reduce emissions.
In line with market expectation, the CER awarded 32 contracts for 6.7 million tonnes of abatement at an average price per tonne of $13.52.
Total abatement contracted under the ERF is now 192 million tonnes, with the average price per tonne across all seven auctions at $11.97.
The CER public estimate for the total value of contacts for the seventh auction was between $50 million and $100 million, with the total amount for the auction coming it at $90 million.
Results from this latest auction will aid in meeting Australia’s 2020 emissions reduction target.
The ERF aims to reduce emissions by storing carbon in forests and soils, improving energy efficiency, fuel switching and capturing methane from landfills.