11 April 2006 - The Australian
Minister for the Environment and Heritage, Senator
Ian Campbell, and the Queensland Minister for
the Environment, Desley Boyle, today announced
a new nutrient trading scheme to dramatically
reduce the amount of nitrogen and phosphorus being
discharged into Moreton Bay.
A scoping study recommending the uptake of a ‘bubble’
trading scheme in the Bramble Bay area involving
private and public sector nutrient emitters has
just been completed, and a pilot project implementing
the scheme is slated to be up and running in 2007.
“Projections show the scheme will result in reductions
in 19 per cent of nitrogen and 50 per cent of
phosphorus entering Moreton Bay by 2026,” Senator
Campbell said.
“In a further boost to the Queensland economy,
efficiencies created through the scheme are likely
to result in savings of $65 million in meeting
indicative 2009 water quality targets.
“This scheme is something of a landmark, and will
be only the second nutrient trading scheme to
be set up in Australia,” he said.
“The great thing about trading schemes is that
they allow the market to reduce emissions in the
most efficient way. It’s a win-win situation for
industry, the environment and all those who live
in and visit Brisbane,” Ms Boyle said.
Nitrogen and phosphorus are detrimental to water
health in a number of ways. In particular they
promote the growth of algal blooms which can be
toxic to marine life and humans. Algal growth
can also damage industries which rely on clean
water such as fishing and oyster farming.
The Australian Government has contributed $400,000
directly to the trading scheme, and contributes
$1.5 million to the Moreton Bay Water Quality
Improvement Plan and supporting projects, which
will update the 2001 South East Queensland Regional
Water Quality Management Strategy. The Queensland
Government has contributed $40,000 to the trading
scheme and manages the project on behalf of both
parties.
“This is a leading scheme, environmentally and
economically. It is an example of one of the many
practical ways we can all work together to protect
and conserve our natural heritage for years to
come,” Senator Campbell said.
