The Australian Government will become the first national government to award carbon capture and storage (CCS) projects with carbon credits that are intended to offset emissions.
Australian Carbon Credit Units (ACCUs) can be earned by the projects with each ACCU representing one tonne of carbon emissions ‘avoided’.
As part of the Morrison Government’s Emissions Reduction Fund (ERF), ACCUs will be able to be sold to the Australian Government at auctions or on the private voluntary market.
Angus Taylor, Minister for Energy and Emissions Reduction, said that the ERF method will support investment in large-scale CCS hubs.
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