The budget proposed by the Australian government Tuesday contained no fresh funding for the Emissions Reductions Fund (ERF), meaning the country’s primary tool to drive carbon cuts looks likely to run out of cash at the end of the year.
Finance Minister Mathias Cormann had already signalled in February that the A$2.55-billion ($1.93-billion) ERF would not receive any further money in this year’s budget.
Even though the budget cut was expected, questions remain as to Australia’s ability to cut emissions going forward and the future of the country’s carbon project developers.
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