Climate Change Minister Chris Bowen is today expected to announce a much anticipated review of Australia’s carbon credit scheme, known as the Emissions Reduction Fund.
In March, we exposed serious integrity issues with the scheme, labelling it a fraud on taxpayers and the environment. We welcome the federal government’s review. Labor has promised a 43% cut in Australia’s emissions by 2030, and a high-integrity carbon credit market is vital to reaching this goal.
The fund was established by the Abbott government in 2014 and is now worth A$4.5 billion. It provides carbon credits to projects that reduce greenhouse gas emissions. For the past decade, it has been the centrepiece of Australia’s climate policy.
