Carbon price at lowest level yet, but farmers happy to secure credits

The latest Emission Reduction Fund auction has secured even cheaper carbon credits than the previous two auctions for a total of $516 million.

The price has fallen to $10.23 a tonne, down from $14 a year ago, and $12 last November.

There are more savannah burning projects, additional western NSW projects protecting native vegetation, projects that protect the Great Barrier Reef, landfill methane capture, and a piggery methane biogas project.

The previous auction saw big wins for the Cape York farmers who secured $36 million to help reduce the intensity of savannah fires in the dry season.

Climate Friendly, a 13-year-old company dedicated to designing carbon farming projects to apply for these credits, secured seven million tonnes of carbon credits from a few projects.

Read the ABC Rural story - “Emission Reduction Fund auction pushes carbon price to lowest level yet but farmers are happy securing most of the credits.”