Australia's emissions reduction schemes are on track to reduce emissions by 57 million tonnes, thanks to new projects registered under the Emissions Reduction Fund (ERF), representing a 6.5 per cent improvement on emissions reduction compared to 2020.
In its latest Quarterly Carbon Market report for June, the Clean Energy Regulator said a record 47 new projects were registered for the ERF in the quarter, demonstrating the ongoing strength of Australia's carbon markets.
At the same time, the June quarter recorded 725 megawatts of large-scale renewables investment, which is expected to strengthen in the second half of this year to match or exceed the 2,700 megawatts last year, and continued growth in rooftop solar.
The quarterly report has found demand for rooftop solar continued to climb with an estimated 803 megawatts installed, up 19 per cent on the same quarter last year.
Australians have adopted solar energy at a faster rate than anywhere in the world, with around one in four houses now having solar panels.
The Clean Energy Regulator expects a new record of 17 million Australian Carbon Credit Units (ACCUs) to be issued this year, with issuances in the first half of the year up five per cent on the first half of last year.
Interest in voluntary cancelling of Australian units and certificates to prove emissions reduction is gaining momentum, up 39 per cent from the June 2020 quarter.
Minister for Energy and Emissions Reduction Angus Taylor said new initiatives under development will further strengthen emissions reduction efforts, including an Australian Carbon Exchange, the Corporate Emissions Reduction Transparency report, and new methods for ERF projects.
"More businesses signing up to the Government's Climate Active program are making a big contribution towards this increase," Minister Taylor said.
The Q2 Quarterly Carbon Market report is available on the Clean Energy Regulator website.
