Labor today announced it will save up to $4.3 billion to 2030 by scrapping the Abbott Government's Emissions Reduction Fund (ERF).

The savings are based on figures published in the 2014-15 Budget and statements made by the Environment Minister, Greg Hunt.

The 2014-15 Budget shows an original total expenditure of $2.55 billion allocated to the ERF.

According to Environment Minister, Greg Hunt, $660 million has already been spent.

Mr Hunt also told ABC730 that $2.4 billion has been allocated to the ERF from 2018 to 2030.

These figures, directly from the Abbott Government, show Labor will save up to $4.3 billion by scrapping the ERF.

Yet Finance Minister, Mathias Cormann, today contradicted these figures and in doing so contradicted the Environment Minister.

This raises serious questions about the costings underpinning the Abbott Government’s entire Direct Action policy.

If the Environment Minister is right, the ERF is costing hundreds of millions of dollars more than the Finance Minister says it is.

If the Finance Minister is right, no modelling undertaken by the Environment Department can be believed if it’s based on Greg Hunt’s figures.

The Abbott Government must immediately release the full costings for the ERF over the life of the program and the modelling used to determine the Emissions Reduction Target.

Australia is committed to limiting global warming to no more than two degrees Celsius and the Abbott Government needs to show how its modelling is inline with this commitment. 

Releasing the costings and the modelling will also clear up who is wrong, the Environment Minister or the Finance Minister.

Whatever the dollar amount the Government is willing to admit to, the ERF will involve dollar after dollar of waste.

Tony Abbott’s Emissions Reduction Fund is a fraud that pays polluters to keep polluting.