Last night’s federal budget announcement saw $3.8 billion allocated to the Department of the Environment and Energy.
From the allocation, $3.5 billion will go towards the Climate Solutions Package, while $100 million will be channelled into the Environment Restoration Fund.
Environment Minister Melissa Price said funding for the Climate Solutions Package would be used to ensure the government meets its Paris commitment, reducing emissions by 26-28 per cent by 2030.
According to Ms Price, $2.0 billion will go towards the Climate Solutions Fund, which is expected to reduce emissions by more than 100 million tonnes.
The Climate Solutions Fund will build upon the previous Emissions Reduction Fund, which saw landfill operators earn carbon credits through the conversion of methane to energy and carbon dioxide.
When organic matter in landfill waste decomposes it releases methane, which if not collected enters the atmosphere. Carbon credits therefore work to incentives investment in gas to energy initiatives.
The Environment Restoration Fund is designed to support local councils and state governments deliver projects to protect and remediate Australia’s environment.
Ms Price said the funds $100 million allocation will be used to support practical action on waste and recycling.