Establishes the Emissions Reduction Fund to replace the carbon tax and provide a transition for the Carbon Farming Initiative by amending the:
Carbon Credits (Carbon Farming Initiative) Act 2011 to: provide for the Clean Energy Regulator to conduct auctions and enter into contracts to purchase emissions reductions; enable a broader range of emissions reduction projects to be approved; and amend the project eligibility criteria and processes for approving projects and crediting carbon credit units; and
Australian National Registry of Emissions Units Act 2011,
Clean Energy Regulator Act 2011 and
National Greenhouse Energy and Reporting Act 2007 to make consequential amendments. Also provides for transitional arrangements in relation to: the Register of Offsets Projects, which will be renamed the Emissions Reduction Fund Register and will include information about contracts to purchase emissions reductions; and existing Carbon Farming Initiative projects and methodologies and applications for new projects.