What is the Emissions Reduction Fund?
The Emissions Reduction Fund (ERF) is a central component of the Federal Governments Direct Action Plan, the primary goal for which is to reduce Australia’s Carbon Dioxide (CO2) emissions to 5% below emission levels recorded in the year 2000 by 2020. In terms of abatement, this is around 421 million tonnes of CO2. The ERF is a $2.55Bn fund which will achieve CO2 abatement by incentivising businesses to undertake emission reductions activities. Activities that meet the ERF requirements and result in real emission reductions are eligible to access the ERF and receive financial subsidies and support. The ERF is structured to allow streamlined participation by industry however funds will be allocated on a lowest cost of delivery basis. In this way, activities that are aggregated will be the most competitive as they will access economies of scale in the delivery of CO2 abatement.
ERF Project Eligibility:
- Projects must not have begun to be implemented before they have been registered (the newness requirement),
- Projects must not be required to be carried out under a Commonwealth, state or territory (the regulatory additionality requirement)
Eligible Projects may Include:
- Lighting upgrades
- Capture and destruction of coal mine fugitive emissions
- Reductions in emissions-intensity of transport
- Commercial, industrial and aggregated energy efficiency
- Others- call NCBA on (02) 9934 5559 to check the eligibility of your project.
Do you have a Project that might be eligible under the ERF?
National Carbon Bank of Australia will assist companies in participating in the ERF by managing eligible claims.
To simplify this complex process, NCBA:
- allows ERF funding of smaller projects that have individual emission reductions less than the 2,000 tonne minimum, by aggregating small projects into larger parcels,
- manages the returns for abatements achieved, year on year, and
- takes care of the ERF reporting and auditing requirements on your behalf.
How National Carbon Bank can help you make a claim
National Carbon Bank will create ACCU’s on your behalf as an ERF Scheme Participant. The National Carbon Bank of Australia is a specialist in this field, with extensive experience in similar schemes such as the ESS and VEET. We act as a central, third party aggregator on behalf of groups of clients wishing to obtain financial support for their individual projects. We offer end to end services from activity design through to submission of bids into the ERF. If you are undertaking activities that will achieve CO2 emission reductions and would like to participate in the ERF, or for any other information on the ERF and its operation, contact us at the National Carbon Bank, we are here to help Contact Us.