Carbon Farming Initiative Review Issues Paper released
The Climate Change Authority today released an Issues Paper and invited submissions to the Authority’s Review of the Carbon Farming Initiative (CFI)
The Carbon Farming Initiative (CFI) is part of the Commonwealth Government’s response to climate change. It is a national, voluntary baseline and credit scheme. It provides incentives to encourage projects that reduce or avoid greenhouse gas emissions.
The CFI, introduced in 2011, was originally intended to provide offsets for businesses with liabilities under the carbon pricing mechanism, which was subsequently repealed in July 2014. The government now proposes to streamline and expand the CFI to form its Emissions Reduction Fund (ERF), the central element of its Direct Action Plan to reduce Australia's greenhouse gas emissions.
The Authority will consider how the CFI has performed during its first two years of operation and options for improvement, taking account of the government's proposed changes to streamline and expand the scheme. The Review will draw on other review and policy processes, including a study published by the Authority earlier this year, Coverage, Additionality and baselines—Lessons from the Carbon Farming Initiative and other schemes, and, where relevant to the CFI, the government’s Emissions Reduction Fund White Paper.
The Authority welcomes submissions from interested parties on the issues canvassed in the Issues Paper. Submissions are due by Friday, 31 October 2014.
The Authority is required by legislation to submit its report to the Australian Government by the end of December 2014.
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