The Clean Energy Regulator (CER) has opened the latest round of Emissions Reduction Fund (ERF), a fund which intends to support new energy projects and reduce emissions.
The ERF has achieved 192 million tonnes of abatement across more than 780 projects. Projects are delivering abatement and other benefits such as improving soil health and the productivity of farm lands.
The Government has announced a major expansion of the ERF, with $2 billion committed to the new Climate Solutions Fund (CSF).
The CSF builds on the foundation of crediting and purchasing abatement that was established by the Emissions Reduction Fund, and is key to delivering the 328 million tonnes of abatement needed to meet Australia’s Paris target.
Announced as part of the Government’s $3.5 billion Climate Solutions Package, the CSF will reduce emissions across the economy and give farmers, small businesses and indigenous communities the chance to improve the local environment and benefit from new revenue streams.
The CSF will continue to invest in practical climate solutions, and low cost emissions reduction. The CSF gives Australians the incentive to adopt new practices and technologies to reduce greenhouse gases, and at the same time being rewarded for their efforts to deliver real abatement.
The CER will continue to work closely with participants and industry to explore new and innovative ways to reduce emissions and secure abatement under the CSF.
The ninth Emissions Reduction Fund auction will be held from 24 to 25 July 2019.