The Australian Emission Reduction Fund or ERF, is the centrepiece of the Australian Government’s target to reduce Australia’s emissions in line with the Paris Agreement. It was launched in 2015 with an initial budget of $2.2 billion.
Regenerating the economy and post-Covid19 stimulus: everyone agrees it’s easy being green. Australia’s long history of bilateral support for our agricultural producers and land-sector carbon markets continues this week, the Prime Minster today announcing a major funding boost that theagricultural sector can take advantage of.
The raft of new policy change initiatives to drive new investment and innovation for the agricultural sector include:
• the government backed $10B green investment bank, the Clean Energy Finance Corporation(CEFC) broadening its mandate from renewables to supporting innovative technologies such as soil-carbon sequestration
• the government fast tracking the development and approval of critical new methods that
allow enhanced land management projects to generate carbon credits (such as the whole of rangelands carbon sequestration method which will unlock hundreds of millions of tonnes of abatement annually)
• the government’s new innovation hub funded to the tune of $193.4 million provided to
deploy targeted low emissions programs via the Australian Renewable Energy Agency
• giving the CEFC and ARENA access to the $2B Climate Solutions Fund via their new expanded mandates.
Taken together, these policies and investments (still to be ratified by the Parliament) will see key national priorities supported, including the National Farmers Federation target of $100B farm gaterevenue by 2030, including at least 5% of that revenue coming from natural capital markets (such as carbon farming and water quality markets), and Australia’s targets for a net zero emission economyby 2050, trailing the red meat’s ambitious target of a carbon neutral red meat sector by 2030.
At RegenCo, we welcome and support these policy updates, investments and the vitally important initiatives that will be enabled.
Dr Tim Moore