New data from the Clean Energy Regulator shows contracted ERF projects have so far delivered about 13% of the abatement they have undertaken to supply, but seven contracts have been terminated or lapsed.
The Clean Energy Regulator has contracted to buy almost 17 million tonnes of abatement from ERF soil carbon projects but not one of them has yet created a credit, and now the government plans to rewrite the rules.
A sweeping new review of the Emissions Reduction Fund will examine all aspects of the scheme, including the role of the behind-the-scenes secondary market for carbon credits.
There are good reasons why the market for carbon credits won't falter even though most of the ERF budget is now under contract, according to the Clean Energy Regulator.
Three companies have secured 15 of the 47 contracts awarded in the latest ERF auction, with one contracting to supply more than 40% of the total amount purchased.