A company with 37 Emissions Reduction Fund contracts has so far delivered less than 2% of its contracted amount and total ERF deliveries are less than 10% of the 178 million tonnes that must be supplied.
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.
The ERF should provide primary industry with incentives for avoided soil carbon loss, just as it rewards avoided deforestation, according to leading soil carbon experts.
Emissions from a spike in land clearing rates, especially in Queensland, will needlessly cost the economy well over $1 billion between now and 2030, a new report by CO2 Australia shows.
In a move that could result in new major projects having to offset their greenhouse gases, the South Australian Government has announced it will aim for zero net emissions by 2050.
Evidence provided by the Clean Energy Regulator to a Senate hearing shows the Government really paid far more than $13.95 a tonne for carbon in the first ERF auction, according to Shadow Environment Minister Mark Butler.