Savanna-burning projects will be more lucrative following a change to Emissions Reduction Fund rules, and are also set to be among the beneficiaries of a new premium-price ethical carbon fund.
The federal government should establish an accreditation standard for carbon credits created by projects that provide other environmental and social benefits, says a Climate Change Authority study released today.
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.
The expert committee that advises the government on the integrity of the ERF plans to fast-track a review of methods that underpin carbon abatement contracts worth about $943 million.
Two types of projects that dominate the Emissions Reduction Fund might not be capable of delivering all the carbon abatement they anticipated, based on new satellite imagery.
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.