On 24 April 2014, the Government released the Emissions Reduction Fund (ERF) White Paper. The Department of the Environment has certified the White Paper as a Regulation Impact Statement (RIS) for initial decisions on the ERF including the ERF crediting and purchasing arrangements and changes to the Carbon Farming Initiative, and coverage of the ERF safeguard mechanism in accordance with the Australian Government Guide to Regulation. The Government will provide $2.55 billion to reduce emissions at lowest cost over the period to 2020 and make a contribution towards Australia’s 2020 emissions target. The Department estimated the change in regulatory burden associated with the ERF crediting and purchasing arrangements and changes to the Carbon Farming Initiative at $4.68 million per annum. This increase was offset by savings from the Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 and related legislation. Initial decisions on coverage of the safeguard mechanism announced in the White Paper will not change the regulatory burden on business. The Government will consult with business to establish a flexible framework for complying with the safeguard in the unlikely event of baselines being exceeded. The RIS will be finalised after consultation has concluded.