On 24 November 2014, the Carbon Farming Initiative Amendment Bill 2014 was passed by Parliament. The Bill will implement the Emissions Reduction Fund.
The Emissions Reduction Fund builds on the Carbon Farming Initiative (CFI) and provides ongoing opportunities for farmers and land managers to participate in emissions reduction projects.
What is the Emissions Reduction Fund?
The aim of the Emissions Reduction Fund is to reduce emissions at lowest cost and contribute towards Australia’s 2020 emissions reduction target of five per cent below 2000 levels by 2020.
Through the Emissions Reduction Fund, the Australian Government will purchase lowest cost emissions reductions from across the economy, providing an incentive to businesses, households and landowners to proactively reduce their emissions. The government provided $2.55 billion in the 2014-15 Budget to establish the Emissions Reduction Fund. Payment will be made as emissions reductions are verified.
Who administers the Emissions Reduction Fund?
The Department of the Environment is developing new methods for businesses to use to estimate emissions reductions.
The Clean Energy Regulator will administer the Emissions Reduction Fund, manage contracts and run auctions.
AusIndustry can provide advice on the application requirements and help identify emissions reduction opportunities: business.gov.au and 13 28 46.
The Department of Agriculture funds innovative research and on-farm trials of land sector emissions reduction and carbon storage opportunities that also seek to enhance productivity and sustainability. Research outcomes will help inform the development of methods under the Emissions Reduction Fund. The department also administers the extension and outreach program which delivers information about land sector emissions management.
Where can I find out more?