Table 2 Australia’s main emissions reduction policies Policy Application Details Estimates of emissions reductions Emissions National Voluntary 93 Mt CO2-e of Reduction emissions future emissions Covers all Fund (ERF) pricing scheme reductions sectors where the contracted in two Government auctions held in buys emissions 2015. Contracts reductions from run for up to eligible projects 10 years (Box 4) (CER 2015). ERF National Regulation that Safeguard not yet safeguard requires operational; will Covers mechanism covered facilities start in July 2016 facilities to stay below emitting over specified 100,000 t baseline CO2-e per emissions levels year (Box 4) Renewable National Mandatory The Renewable energy based scheme Energy Target Covers targets that requires (RET) is projected electricity liable entities to to reduce sector buy renewable emissions by energy about 200 Mt certificates. The CO2e scheme (cumulatively) supports between 2015 and scale and 2030 (CCA renewable calculation based energy on ACIL Allen generation (Box Consulting 2014). 5). State-based Targets at state Not available (ACT, South level for the use Australia, or production of Queensland renewable and Victoria) energy. Policy methods to Covers achieve these electricity targets vary. For sector example, the ACT scheme uses a feed-in tariff and long term contracts (awarded through auctions) to meet a 2020 target of 90% for electricity generated from renewable sources.
Table 2 Australia’s main emissions reduction policies Policy Application Details Estimates of emissions reductions Emissions Reduction Fund (ERF) National Covers all sectors Voluntary emissions pricing scheme where the Government buys emissions reductions from eligible projects (Box 4) 93 Mt CO2-e of future emissions reductions contracted in two auctions held in 2015. Contracts run for up to 10 years (CER 2015). ERF safeguard mechanism National Covers facilities emitting over 100,000 t CO2-e per year Regulation that requires covered facilities to stay below specified baseline emissions levels (Box 4) Safeguard not yet operational; will start in July 2016 Renewable energy targets National Covers electricity sector Mandatory scheme that requires liable entities to buy renewable energy certificates. The scheme supports and renewable energy generation (Box 5). The Renewable Energy Target (RET) is projected to reduce emissions by about 200 Mt CO2e (cumulatively) between 2015 and 2030 (CCA calculation based on ACIL Allen Consulting 2014). State-based (ACT, South Australia, Queensland and Victoria) Covers electricity sector Targets at state level for the use or production of renewable energy. Policy methods to achieve these targets vary. For example, the ACT scheme uses a feed-in tariff and long term contracts (awarded through auctions) to meet a 2020 target of 90% for electricity generated from renewable sources. Not available scale based
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