The federal government has released the results of the fourth Emissions Reduction Fund (ERF) auction.
The Clean Energy Regulator has awarded 47 contracts for 34.4 million tonnes of abatement at an average price per tonne of $10.69.
Total abatement contracted under the ERF since April 2015 is now 178 million tonnes with the average price per tonne across all four auctions at $11.83 - an average which is less than the previous average of $12.10 per tonne.
Environment Minister, Josh Frydenberg, said results from this latest auction will help ensure Australia meets its 2020 emissions reduction target.
"We are currently on track to beat this target by 78 million tonnes, and it will help us meet our 2030 target," he said.
"The ERF provides a broad range of opportunities to reduce emissions right across the economy."