Carbon credits worth a total of $344 million have been delivered so far under ERF contracts, according to an update released today by the Clean Energy Regulator.
The next ERF auction will be held on June 6 and 7, one month after the Government is scheduled to reveal whether the depleted fund will receive extra money.
The federal government's ERF advisory committee has launched a review of rules for two types of carbon offset projects that between them have abatement contracts worth about $1 billion.
An ERF contract to supply four million tonnes of greenhouse gas abatement to the government has fallen over, and another for a similar amount is at risk.
The latest Emissions Reduction Fund auction has purchased a record low amount of carbon abatement, and more than half of it will come from projects by one proponent.
In a change likely to push up prices of carbon credits, a major review of the ERF has recommended that auction participants face new requirements to nominate how they will create them.
Corporate Carbon, which has soil carbon contracts worth about $200 million, says a proposed rewrite of ERF soil project rules still imposes unnecessary costs and requirements.
There has been a jump in carbon credits delivered under ERF contracts and a significant increase in large-scale renewables capacity, according to the Clean Energy Regulator's latest annual report.