Tag: Emissions Reduction Fund

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Australian Government Announces First Emissions Reduction Fund Auction
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Australia’s Emissions Reduction Fund Legislation Receives Royal Assent
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Emissions Reduction Fund passes Senate in Australia
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Australian Government releases draft legislation to implement the Emissions Reduction Fund

Australian Government Announces First Emissions Reduction Fund Auction

The Australian Government recently announced that the first Emissions Reduction Fund auction will occur in April 2015. The Emissions Reduction Fund provides proponents of carbon abatement projects with opportunities to enter into contracts with the Government, via the Clean Energy Regulator, under which the proponent receives payment for undertaking carbon abatement. In the reverse auction process project proponents will submit sealed bids for the Clean Energy Regulator to purchase (in the form of Australian carbon credit units) emissions reductions generated by their projects.

Successful auction bids will be those with the lowest price, and successful proponents will then enter into Australian Carbon Contracts with the Clean Energy Regulator. The first auction will be open from 9.00am (Australian Eastern Standard Time) on 15 April 2015 and close at 5.00pm on 16 April 2015 (Australian Eastern Standard Time). The auction will occur through the online bidding platform Austender.
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Australia’s Emissions Reduction Fund Legislation Receives Royal Assent

On 25 November 2014 the Carbon Farming Initiative Amendment Act 2014, which puts in place the Emissions Reduction Fund (ERF), received Royal Assent and is now law. The ERF is the cornerstone of the Australian Government’s Direct Action Plan climate change policy for the reduction of greenhouse gas emissions. It will provide $2.55 billion in financial incentives over four years for companies to voluntarily reduce emissions. The Government says its Direct Action Plan climate change policy will mean that Australia will meet the 5 percent emissions reduction target by 2020.

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Emissions Reduction Fund passes Senate in Australia

On 31 October 2014, the Australian Senate passed the Carbon Farming Initiative Amendment Bill 2014 (Bill) which puts in place the Emissions Reduction Fund (Fund).  The Fund is the cornerstone of the Australian Government’s Direct Action Plan climate change policy for the reduction of greenhouse gas emissions.  It is comprised of $2.55 billion over four years to provide financial incentives for companies to voluntarily reduce emissions.  The Government says its Direct Action Plan climate change policy will mean that Australia will meet the 5 percent emissions reduction target by 2020.

As last minute amendments were made to the Bill before being passed, the Bill will now return to the House of Representatives for approval before it is presented to the Governor-General for assent. 

A White Paper on the Fund was released on 24 April 2014 with the intention of providing details and policy decisions regarding the Fund.  Please refer to our earlier Legal Insight dated 19 May 2014.

Australian Government releases draft legislation to implement the Emissions Reduction Fund

The Australian Government recently released draft legislation to implement the Emissions Reduction Fund (Fund), which is the cornerstone of the Government’s Direct Action Plan climate change policy.  The Direct Action Plan centres around the purchase of greenhouse gas emissions reductions by the Government (via the Fund).

The release of the draft Carbon Credits (Carbon Farming Initiative) Amendment Bill 2014 (Cth) (Bill) follows issuance of an Emissions Reduction Fund Green Paper late last year and a subsequent White Paper in April 2014, both regarding the design of the Fund.

The Bill will amend the Carbon Credits (Carbon Farming Initiative) Act 2011 (Cth) (CFI Act) and build on the existing Carbon Farming Initiative (CFI) under that Act by providing for the purchase of greenhouse gas emission reductions credits by the Government.  The Bill also makes minor amendments to associated Commonwealth legislation.

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