Oops - Australia Spends 2/3 Of Emissions Reduction Funding, Hits 7% Of 2030 Target
The government has now spent two-thirds of its emissions reduction fund but has only achieved 7% of the emissions cuts it would need to reach its 2030 target, according to analysts.
Today the Clean Energy Regulator announced the results of its third Emissions Reduction Fund auction, the centrepiece of government climate policy by which it pays polluters to pollute less.
In the auction, it bought 50.5m tonnes of carbon abatement for an average of $10.23 per tonne – a drop from $13.50 it paid in its first auction in April 2015.
“Our objective is simply to purchase as much abatement as we can with the funds available. All three auctions have exceeded our expectations in this regard,” said the chair of the Clean Energy Regulator, Chloe Munro.
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http://www.theguardian.com/environment/2016/may/05/two-thirds-of-australias-emissions-fund-spent-for-just-7-of-2030-target
