Country:Australia
Year:8 December 2011
Policy status:Superseded
Jurisdiction:National
Date Effective:8 December 2011
Date Ended:2014
Policy Type:Economic Instruments>Market-based instruments>GHG emissions trading
Policy Target:Industry
Agency:Department of Agriculture
URL:http://www.agriculture.gov.au/climatechange/carbonfarmingfutures
Legal References:Carbon Credits (Carbon Farming Initiative) 2011 (CFI Act)
Description:

The Carbon Farming Initiative (CFI) was a voluntary carbon offsets scheme that was part of Australia's carbon market. The CFI was designed specifically for the land sector and is a central plank of the previous Government's Clean Energy Future plan to cut pollution and manage the impact of climate change on the Australian economy and landscape.

The CFI provided a source of revenue in the form of carbon credits for farmers and landholders who undertook projects to restore degraded soils and landscapes or adopt farm management practices that built carbon stores and reduce harmful greenhouse gases.These credits were then sold to people and businesses wishing to offset their emissions. To support the environmental integrity of the scheme, CFI methodologies had to be endorsed by the independent, expert Domestic Offsets Integrity Committee (DOIC). The DOIC ensured that activities included in the scheme generate abatement were additional to what would have occurred in the absence of the scheme, and that abatement was genuine and capable of being verified. The CFI was administered by the Clean Energy Regulator.

The Carbon Farming Futures Program was ended as part of the repeal of the Clean Energy Act 2011. Projects already funded under the Carbon Farming Futures program will support the transition to the Emissions Reduction Fund by continuing to deliver research, on-farm trials and communication of activities that support emissions reductions under the Carbon Farming Initiative (CFI). All parts of the Carbon Farming Initiative will roll into the Emissions Reduction Fund.

Related policies:Carbon Farming Futures , Carbon Farming Skills
This record is superseded by:Emissions Reduction Fund

Last modified: Thu, 20 Nov 2014 17:56:01 CET