The Emissions Reduction Fund (ERF) was a voluntary scheme introduced by the Australian Government in 2015, which provided incentives for organizations to adopt new practices and technologies to reduce their emissions. Participants could earn Australian carbon credit units (ACCUs) for emissions reductions, which could be sold to the government or to other businesses in the secondary market. A key component of the ERF is the Carbon Farming Initiative, a similar mechanism set up in 2011 to allow the agriculture and land sectors to earn carbon credits by changing land use or management practices in order to store carbon or reduce greenhouse gas emissions. In the Final Report of the 2017 Review of the Emissions Reduction Fund, the Climate Change Authority recommended that the government not rely on the ERF to reduce emissions, and instead introduce new policies aimed at decarbonization and structural change.
Emissions Trading; GHG Emission Regulation
In February 2019, the ERF was rebranded as the Climate Solutions Fund as part of the government’s Climate Solutions Package. The Climate Solutions Fund totals $2 billion over fifteen years, which is a reduction in the annual budget compared to the ERF. The Climate Solutions Package also included support for new energy efficiency measures, funding to develop a national strategy for electric vehicles, and further investment and support for pumped hydro projects such as Snowy 2.0 and Marinus Link.
The table below lists the entities tracked by InfluenceMap which have publicly engaged with the policy. InfluenceMap tracks around 300 companies and 150 industry associations globally. Each entity links back to the entities’ full InfluenceMap profile, where the evidence of its engagement can be found.
|Influencemap Performance Band||Organization||Engagement Intensity|
|D+||Business Council of Australia||48||All Sectors||Oceania|
|E+||Australian Petroleum Production & Exploration Association (APPEA)||38||Energy||Oceania|
|E+||Minerals Council of Australia (MCA)||43||Metals & Mining||Oceania|
|E+||Australian Chamber of Commerce & Industry||18||All Sectors||Oceania|
|D-||Manufacturing Australia||11||All Sectors||Oceania|