Property practitioners should be aware of the Commonwealth Government’s Emissions Reduction Fund scheme (ERF) and the permanence obligations it can impose on properties.
The ERF is a voluntary scheme that credits organisations and individuals for adopting new practices and technologies to reduce greenhouse gas emissions. It is administered by the Clean Energy Regulator and implemented under the Carbon Credits (Carbon Farming Initiative) Act 2011 (Cth). More about: ERF Land opportunities.
The Clean Energy Regulator’s Emissions Reduction Fund Project Register can be used to check whether a land parcel is part of an Emissions Reduction Fund sequestration project that has received Australian carbon credit units (ACCUs).
The property may be subject to a permanence obligation which may require carbon stored by a project (e.g. revegetation) to be maintained for either 25 or 100 years (read further here).
Permanence obligations run with the land on which a project is undertaken, however they are not recorded on the property’s title.
An information sheet on how to identify land subject to permanence obligations / how to search the register can be found here.