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, which envisaged that reverse auctions be regularly run to ensure ‘best value for money’ was achieved.

131^ Australian Government, Department of the Environment and Energy, Emissions Reduction Fund - Eligible Activities (accessed 26 October 2017) .

132^ CFI Act s 20G(3); See also Clean Energy Regulator, ERF Auction Results (31 October 2017) .

133^ CFI Act s 20CA.

134^ See also Verschuuren, above n 125, 31.

135^ NGER Act ss 11,11A, 11B, 22XH.

136^ NGER Act 22XI and 22XJ; National Greenhouse and Energy Reporting (Safeguard Mechanism) Rule 2015 (Cth) ss 7-13 (‘NGER Safeguard Rules’).

137^ NGER Act ss 22XK, 22XM; see NGER safeguard Rules, pt 4, div 2 regarding ‘multi-year’ period declaration.

138^ NGER Safeguard Rule s 25.

139^ NGER Safeguard Rule ss 4, 7 regarding ‘sectoral-baseline financial year’; NGER Act s 22XI.

140^ NGER Act pt 5; See also Australian Government, Department of Environment and Energy, The Safeguard Mechanism (accessed 26 October 2017) which states that the civil penalties are not designed to raise revenue but intended as a ‘last resort and will never apply to businesses that meet legislated safeguard requirements’.

141^ The setting of the baselines has been highly criticized, see Gunningham and Bowman, ‘Energy Regulation’, above n 81,124; see also Penny van Oosterzee, ‘Australia’s Climate Plan: Are you Serious? The Conversation (online), 23 January 2014 >.

142^ See generally, Sarina Locke, ‘Emissions Reduction Fund to Cost $23 Billion by 2030 if Australia’s Sole Policy to Tackle Climate Change’ ABC News (online), 23 May 2017 where it is estimated that $23 billion funding would be required to meet the Paris Agreement targets, which is well in excess of the $2.55 billion currently earmarked under the ERF. For further scepticism regarding the ERF as the sole policy platform, see Peel, ‘Climate Law’, above n 8, 16.

143^ CCA Review 2016, above n 81, 69.

144^ Clean Energy Regulator, ERF Auction Results (31 October 2017) .

145^ Clean Energy Regulator, Combined Results for all Auctions – Emissions Reduction Fund (13 April 2017) .

146^ A ‘baseline and credit’ model is a type of scheme whereby a lower-emitter receives credits if it is below the designated emissions baseline; a higher-emitter above the baseline is required to buy credits. The subsequent trade in credit amongst emitters is designed to ensure that abatement is achieved at the lowest cost, see further Climate Change Authority, Special Review, Second Draft Report – Australia’s Climate Policy Options (November 2015) 19.

147^ CCA Review 2016, above n 81, 70.

148^ Ibid. See also, Peel, ‘Climate Law’, above n 8, 17.

149^ Clean Energy Finance Corporations Act 2012 (Cth) s 3 (‘CEFC Act’). See generally, Kate McCallum, above n 99, 73-4 for the political background to the creation of the CEFC.

150^ Clean Energy Finance Corporation, Corporate Plan 2017-18 (31 August 2017) 10 >; see also CEFC Act s 60.

151^ See CEFC Act s 64(3) which lists ‘risk and return’ as a matter over which Ministerial directions can be made when setting policies to be pursued by the CEFC.

152^ Clean Energy Finance Corporation, CEFC Investment Policies (effective 15 June 2017) 5, which is issued pursuant to s 68 of the CEFC Act.

153^ CEFC Act ss 4, 63(2), 69.

154^ Clean Energy Finance Corporation Annual Report, 2016-17 (21 September 2017) 12 (‘CEFC Annual Report 2017’).

155^ Ibid 54.

156^ Clean Energy Finance Corporation, Where We Invest (27 December 2017) .

157^ See eg, Clean Energy Finance Corporation, ‘CEFC Commits $100 million to New Australian Bioenergy Fund to Unlock the Potential of Bioenergy’ (Media Release, 26 November 2015)