AusBN – Environment Minister Greg Hunt has announced that the government purchased 47 million tonnes of carbon abatement for A$660 million.
The acquisition used over a quarter of the governments $2.55 billion Emissions Reduction Fund, which is designed to reduce Australia’s emissions.
Over 100 contracts have been awarded through the auction however not much detail has been revealed about each individual project involved.
Hunt said: "This is a stunning result for Australia, a stunning result for the Government - but most importantly it's a stunning result for the environment."
The Emissions Reduction Fund is part of the government Direct Action plan, which provides financial incentives for polluters to reduce emissions.