Energy and Emissions Reduction Minister Angus Taylor has gazetted regulations that allocate $104 million for the development of a regional scheme supplying carbon offsets suitable for use in Australia.
The federal government's new long-term plan shows it still has high expectations for soil-based abatement, even though hardly any soil carbon credits have so far been issued.
The federal government has awarded contracts for the delivery of a total of 6.8 million tonnes of abatement through the latest ERF auction, at an average price of $16.94 per tonne.
Chevron will significantly increase its spending on carbon capture and nature-based credits, and will develop a new business as a CCS service provider.