Project selection and stages to participating in the ERF auctions

17 Feb 2015Archived News Peter Holt Climate Change Matters

The Government has announced that the Emissions Reduction Fund’s first reverse auction will take place from 15-16 April 2015.  Potential participants have a number of steps to complete between now and then. 

Energetics provides a short summary of the minimum criteria and process that needs to be followed. 

With $2.55 billion on offer over five years through the Emissions Reduction Fund, it’s worth reviewing your list of potential projects and assessing the opportunity for your business.  By accessing this funding, your business can implement projects that reduce your exposure to future risks associated with climate change.

Minimum criteria:

  • Projects must generate over 2,000 t-CO2-e of abatement (or be aggregated with other eligible projects to meet this threshold).

  • They must be in accordance with an approved method. Some methods may specifically exclude projects considered ‘common practice’.

  • Emissions reductions must be genuine and not implemented prior to the auction (newness requirement).

  • Projects must not be required under existing law (regulatory additionality) or carried out under another Government program (Government program requirement).

Steps to participate:

ERF-auction-process-steps-only.jpg

Note:
Upfront time and cost commitments to register for the auction have been minimised (2-3 forms need to be completed).

Other transaction costs for participating (such as evaluating a project, assessing compliance with an approved method, reporting, and audit) will be a function of:

  • Project: size and complexity

  • Method: ranging from “off the shelf” vs tailored with measurement and verification

Energetics can provide advice to businesses interested in participating in the ERF reverse auctions, and assist with project selection and the relevant ERF methodology to apply.

 

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