How Much Can the Emission Reduction Fund Really Achieve?
The Climate Institute
[Sydney Morning Herald] The centrepiece of the Turnbull government’s climate policy will deliver just one-seventh of Australia’s post-2020 carbon reduction goals, according to analysis by The Climate Institute.
The $2.55 billion Emission Reduction Fund (ERF) – which may swell to almost $5 billion by 2030 – will likely deliver about 355 million tonnes of carbon abatement, based on the price paid in the fund’s first auction, the group said in a report.
Prime Minister Malcolm Turnbull has maintained the climate goals of his predecessor Tony Abbott. These project a 5 per cent fall in Australia’s 2000 emissions by 2020 and about 19 per cent out to 2030.
Based on government projections, the goals imply Australia will need to cut emissions by a cumulative total between 2015 and 2030 of 2.5 billion tonnes – or about seven times the ERF’s likely abatement, The Climate Institute said…