The Federal Government has announced a $2 billion injection and rebranding of the Emissions Reduction Fund as the Climate Solutions Fund in a bid to see the country meet its Paris agreement obligations.
The funds, to be provided over a ten-year period, will be used to extend the Emissions Reduction Fund (ERF), which was established by the Abbott Government, and will bring the total funding to the project to $3.5 billion.
“There will be further announcements ahead but as part of the $3.5 billion Climate Solutions Package, we will invest a further $2 billion in the Climate Solutions Fund,” Prime Minister Scott Morrison said.
Modelling released by the Government shows that the fund has resulted in 193 million tonnes of emissions reduction to date.
The announcement comes after Mr Morrison claimed that the country would reach its Paris obligations “in a canter”, despite the UN’s Environment Emissions Gap Report showing Australia likely to fail in its 2030 reduction targets.
The announcement was met with a swift rebuke from the Australian Conservation Foundation (ACF), which questioned whether or not the fund had achieved any serious impact in reduction.
“Since coming to office in September 2013 the Coalition has made no progress in reducing Australia’s overall emissions, despite having the Emissions Reduction Fund, so it’s hard to see how continuing with the same methods will lead to a different results,” ACF’s Climate Change & Clean Energy program manager, Gavan McFadzean, said