The disruption caused by COVID could lead to force majeure declarations by some businesses that have contracted to supply carbon credits to the Clean Energy Regulator, according to carbon lawyer Elisa de Wit.
Results from the latest ERF auction, released today, show average prices rose by about $2, and reveal significant interest from abatement providers in the new optional contracts to supply credits.
Speaking on behalf of global business associations, the Australian Industry Group's Tennant Reed has told UN climate negotiators to take bolder action, and the EU has warned that laggards could face border penalties.
A new report from the Clean Energy Regulator says the RET and the ERF have delivered 51 million tonnes of greenhouse gas abatement this year, and anticipates the schemes will soon be closely intertwined.
Carbon contracts signed by the Clean Energy Regulator at future auctions can draw on almost $2 billion in new funding, and the date must be announced soon if another is to be conducted this year.