Carbon Farming Initiative Amendment Bill 2014
This bill establishes the Emissions Reduction Fund, and provides a transition for the Carbon Farming Initiative by amending the Carbon Credits (Carbon Farming Initiative) Act 2011 to provide for the Clean Energy Regulator to conduct auctions and enter into contracts to purchase emissions reductions; enable a broader range of emissions reduction projects to be approved; and amend the project eligibility criteria and processes for approving projects and crediting carbon credit units.
The Carbon Credits (Carbon Farming Initiative) Act 2011 set up a scheme for the issue of Australian Carbon Credit Units (ACCUs) in relation to eligible offsets projects. It was part of a package of three Acts to establish the Carbon Farming Initiative, including the Australian National Registry of Emissions Units Act 2011 and the Carbon Credits (Consequential Amendments) Act 2011. The package of Acts established the existence of ACCUs as personal property, which are generally transferable, and can be sold domestically or internationally subject to regulation.